February 4th, 2011
An article the other week in the Ugandan
Daily Monitor quotes an official from the Uganda Revenue Authority (URA), Mr. Patrick Mukiibi, on the value and implications of illicit flows from that country. According to the article, Uganda loses UGX 2 trillion (approx. USD 866 million) annually through “tax crime”, also termed “economic and tax fraud”. The Ugandan Ministry of Finance says that the current fiscal year (2010/2011) government budget is UGX 7.5 trillion (approx. USD 3.2 billion), and it will need loans and other development assistance to cover 26 percent of this. In other words, the article...
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February 1st, 2011
LONDON – The coalition government’s decision to delay the implementation of the landmark Bribery Act for the second time casts serious doubt on its commitment to combatting corruption, said Global Witness, Tearfund, CAFOD and Christian Aid today. Passed with an all-party consensus in April 2010, the Act was supposed to be implemented last October, but was first shifted to April and is now delayed indefinitely.
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January 31st, 2011
I have often argued that tax havens / secrecy jurisdictions have been subject to regulatory capture. Wikipedia
defines this as:
regulatory capture occurs when a state regulatory agency created to act in the public interest instead advances the commercial or special interests that dominate the industry or sector it is charged with regulating. Regulatory capture is a form of government failure, as it can act as an encouragement for large firms to produce negative externalities. The agencies are called Captured Agencies.
The evidence became very clear ina presentation given last Friday by Jersey Finance to the members...
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January 26th, 2011
WASHINGTON, DC – Egypt is losing more than US$6 billion per year—US$57.2 billion in total from 2000 to 2008— to illicit financial activities and official government corruption, writes Global Financial Integrity (GFI) economist, Karly Curcio, in a new weblog published today at www.financial taskforce.org. The piece "Egypt too? There Goes the Neighborhood" uses numbers from GFI’s recently released report, "Illicit Financial Flows from Developing Countries: 2000-2009." The report, authored by GFI Lead Economist Dev Kar and Ms. Curcio, lists illicit capital flight numbers for all developing countries from 2000-2008, including Egypt.
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