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A New Priority for President Aquino: Tax Evasion on Imports to the Philippines
February 6th, 2014
The Philippines has made significant progress on its quest to confront corruption and tax evasion under the guidance of President Aquino. However, a new report by Global Financial Integrity shows one important—and growing—component of the problem is trade mispricing, specifically import under-invoicing, and its role in facilitating tax evasion in the Philippines. In June 2010, Benigno Simeon Cojuangco Aquino III assumed his position as the 15th President of the Philippines. As a Senator, before his election to the Presidency, Aquino pursued an anti-corruption agenda. For example, Aquino contributed to the Preservation of Public Infrastructures bill—which raised standards in public infrastructure...
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Russia Hemorrhages at Least US$211.5 Billion in Illicit Financial Outflows from 1994-2011, Finds New GFI Study
February 15th, 2013
WASHINGTON, DC – The Russian economy hemorrhaged US$211.5 billion in illicit financial outflows from 1994—the earliest year for which data is available following the dissolution of the Soviet Union—through 2011, according to a new report released Wednesday by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. The study, titled “Russia: Illicit Financial Flows and the Role of the Underground Economy,” also measures massive illicit inflows to the Russian economy of $552.9 billion over the 18-year time-span, raising serious questions about the economic and political stability of the nation currently chairing the G20.
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What Billions in Illicit and Licit Capital Flight Means for the People of Zambia
December 13th, 2012
In our newest report, Illicit Financial Flows from Developing Countries 2001-2010, we look at illicit financial flows--the proceeds of crime, corruption, and tax evasion--leaving the developing world. Illicit financial flows are a type of capital flight, and have been a persistent plague on the developing world for some time now. Our new report will be released on Tuesday morning. But for today, I want to focus more narrowly on Zambia, one of the poorest nations on earth and one of the clearest examples of the damage caused by both illicit and licit capital flight.
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