Financial Transparency Coalition

WASHINGTON, DC – A letter published yesterday by two influential U.S. Congressmen suggests that Wal-Mart de Mexico (Walmex), the Mexican subsidiary of U.S. retailer Wal-Mart Stores Inc., which recently came under fire for possible violations of the Foreign Corrupt Practices Act, may have been engaged in money laundering and tax evasion in Mexico.

  Attiyah Waris, Tax Law Professor at Nairobi University, argues that tax evasion strategies used by African multinational corporations drain the continent of revenues that would more than sufficiently finance the African continent.   Foreign Aid would be rendered unnecessary if Africa were to receive tax revenues that are rightfully theirs. The video demonstrates a good

Task Force Economist Advisory Board member Dr. Léonce Ndikumana launched his book, Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent, today at the Brookings Institute.

Last week, Global Financial Integrity released its annual country-specific report on the drivers and dynamics of illicit financial flows. This year, GFI examined Mexico. GFI defines illicit financial flows as “cross-border movement of money that is illegally earned, transferred, or utilized… the transfer of money earned through illegal activities.” These activities can include corruption, transactions involving contraband goods, criminal activities, and tax evasion.