September 11th, 2009
A
new joint briefing paper by Global Witness, Tax Justice Network, Christian Aid and Global Financial Integrity explains how illicit financial flows out of the developing world is entrenching poverty. These flows include tax evasion, abusive transfer mispricing and the proceeds of corruption.
All of these illicit financial flows are facilitated by global financial opacity, both in tax havens and major financial centres.
As a result of the financial crisis, which was largely created by global financial opacity, governments are now starting to tackle these issues, particularly through the G20 process.
Describing a problem is not enough though: the paper...
September 11th, 2009
The New York Times is
reporting that the US Treasury has determined that developing countries need a lot more money to cope with global climate change - but the Treasury doesn't know where to find the money. The Treasury department is expected to present their findings in a paper to the G-20 in Pittsburg. From the
NYT:
The paper (pdf), to be presented along with two others when G-20 leaders meet in Pittsburgh this month, calls for public financial flows "to be increased significantly beyond existing levels, starting in the near...
September 8th, 2009
In its statement to the G20 this weekend, Oxfam International highlighted the need to crack down on tax havens as a development and human rights imperative. From
Oxfam:
Reforming tax havens alone could release $160bn, reallocating an already agreed IMF bailout could free up another $89bn, and introducing a currency transaction tax could raise at least a further $30bn – each a significant sum to help poor people suffering in the crisis.
The money is desperately needed to prevent the crisis derailing efforts to reduce poverty as developing countries suffer job...
September 8th, 2009
Michelle and I look forward to welcoming world leaders to the wonderful city of Pittsburgh on September 24th and 25th and we thank the people of Pittsburgh and Pennsylvania for opening their city as a showcase to the world.
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