“It is no surprise that the Global South is on the front lines of fighting the issue of IFFs – ranging from trade mis-invoicing to tax avoidance and evasion; many such activities continue to be deemed legal and legitimate in developed nations and tax havens. It is therefore a critical need for countries in the
This blog post is the second in a two-part blog series. In this post, I survey this year’s progress and momentum in global policy on transparency issues. In the first post, I examined several of the year’s biggest global trends and their relationship to financial transparency.The European Union has made huge policy progress this year. From anti-money laundering to country-by-country reporting, when it comes to transparency issues, the EU was an all-star.
In perhaps the biggest news out of the EU this year, after months of deliberations, EU nations agreed to national-level registries to collect information on the beneficial...
WASHINGTON, DC – A record US$991.2 billion in illicit capital flowed out of developing and emerging economies in 2012—facilitating crime, corruption, and tax evasion—according to the latest study released Tuesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. The study is the first GFI analysis to include estimates of illicit financial flows for 2012.
The report—GFI’s 2014 annual global update on illicit financial flows—pegs cumulative illicit outflows from developing economies at US$6.6 trillion between 2003 and 2012, the latest year for which data is available. Titled “Illicit Financial Flows from Developing Countries: 2003-2012,” [HTML |Continue Reading