A new GFI report finds that Mexico lost a total of $872 billion in illicit financial flows from 1970 to 2010...
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New report finds that despite the worst financial crisis since the Great Depression, global illicit flows still approached US$1 trillion...
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The 2011 Task Force conference focused on the implications of and solutions to the shadow financial system...
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A report estimating the quantity and patterns of illicit financial flows coming out of developing countries from 2000 - 2009...
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Curtailing illicit financial flows to enhance global development and security
Global Financial Integrity (GFI) is a research and advocacy program, which fights the massive outflow of capital from developing economies by working to curtail international money-laundering, tax evasion and corruption. An estimated $725 billion to $1.26 trillion or more flows illicitly out of poor countries every year – 10 times the amount of foreign aid these countries receive from Western economies. These illicit financial flows forestall economic growth and good governance in poor countries and threaten the security of rich countries. By reducing the flow of illicit capital, additional funds will be available for investment in developing nations, which, in turn, will create greater opportunities for development.
In January 2009, GFI launched the Task Force on Financial Integrity and Economic Development (Task Force). The Task Force is a unique global coalition of civil society organizations and more than 50 governments working together to address inequalities in the financial system that penalize billions of people.
By Dev Kar
Jan-30-2012 | Report
A report from GFI finds that Mexico lost a total of $872 billion in illicit financial flows (or illegal capital flight) over a 41-year period from 1970 to 2010. These illicit financial flows were generally the product of: corruption, bribery and kickbacks, criminal activities, and efforts to shelter wealth from a country's tax authorities... Read More »
By Dev Kar, Sarah Freitas
Dec-15-2011 | Report
Illicit Financial Flows Report Update: Updating its January 2011 report, GFI has expanded the range of years analyzed and updated existing figures based on the newest available data... Read More »
By Jeremy Haken
Feb-07-2011 | Report
This report from GFI finds that the illicit trade in “goods, guns, people, and natural resources” is a $650 billion enterprise, which most negatively impacts the developing world.... Read More »
By Raymond Baker
Feb-14-2012 | Article
Corruption and secrecy in the oil, gas and mining industries takes a serious toll on developing and emerging economies. It negatively affects human rights, governance, global development and security. A provision of the new Dodd-Frank financial reform legislation shines a light on the deals that oil, gas and mining companies make with foreign governments, however oil executives... Read More »
By Dietlind Lerner, E.J. Fagan
Jan-20-2012 | Article
Mitt Romney’s direction of Bain Capital’s tax avoidance activities now threaten to become a major campaign issue. But how questionable are his actions? We need to ask: “What would I do if I could legally avoid paying income tax?”... Read More »
By Raymond Baker
Jan-11-2012 | Article
We learned some devastating news last month. A new study from Global Financial Integrity revealed that despite the onset of the global financial crisis in late 2008, the developing world still suffered nearly $1 trillion in illicit financial outflows in 2009... Read More »
Jan-30-12 | Global Financial Integrity 1319 18th Street N.W. Second Floor Ballroom Washington, D.C. 20036
Join the Center for International Policy's Global Financial Integrity Program for the launch of the forthcoming economic report, Mexico: Illicit Financial Flows, Macroeconomic Imbalances and the Underground Economy... Read More »
Heather Lowe quoted
"It’s up to the companies to identify and cite the laws in foreign countries that prohibit them providing this kind of disclosure, so that is their burden and they have not met it."...Read More »
Clark Gascoigne
Anti-poverty groups and supporters of financial transparency urge the oil industry to drop its attacks on a new law that will reduce corruption and reveal the money trail...Read More »
Raymond Baker quoted
“This is a devastatingly large amount of money for any developing country to lose,” GFI Director Raymond W. Baker said. "The negative ramifications are huge for everyday Mexicans.”...Read More »
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