August 10, 2010

Monique Perry Danziger, 202-293-0740

WASHINGTON, DC—Global Financial Integrity (GFI) is featured in an in-depth profile piece appearing in the tax news publication, Tax Notes International, which hit newsstands this week. The article features interviews with GFI director Raymond Baker, managing director Tom Cardamone, and legislative affairs director Heather Lowe in addition to discussing GFI’s work on such issues as transfer pricing, new legislation on tax compliance, and beneficial ownership.

“Tax Analysts is a key source for information on a range of issue GFI works on,” said GFI communications director Monique Danziger.  “We are honored to be featured in Tax Notes International and look forward to working with them on similar pieces in the future.”

The article appears in Tax Analysts hard copy publication Tax Notes International, as well as in the online subscription-based publication Worldwide Tax Daily.

July 21, 2010

Monique Perry Danziger, 202-293-0740

WASHINGTON, DC—The delay of implementation of the UK Bribery Act until April 2011 is a setback to international anti-corruption and economic development efforts in the world's poorest countries. UK officials announced today that the bill, adopted in April, would not be put into effect for another six months.

"There has already been rigorous consultation and debate over this bill," said GFI director Raymond Baker. "Our fear is that we'll see a weaker form of the law put into effect when it reemerges in six months time."

As drafted now, the law resembles the United States' Foreign Corrupt Practices Act (FCPA), which forbids companies doing business abroad to make payments to foreign officials or politicians for a corrupt purpose. American prosecutors have extracted fines of hundreds of millions of dollars to settle cases under the FCPA, although watchdog groups argue enforcement could be better.

New reporting requirements a “game changer” in extractive industries sector

July 15, 2010

Monique Perry Danziger, 202-293-0740

WASHINGTON, DC—A provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in the Senate today, will require energy and mining companies registered with the Securities and Exchange Commission (SEC) to report payments to foreign governments for the extraction of oil, gas, and minerals on a country-by-country basis.

“Oil, gas, and mining revenues are critically important economic sectors in about 60 developing countries which, despite abundant natural resources, rank among the lowest in the world on poverty, economic growth, and governance assessments.”

“With this information the citizens of these countries will be able to demand accountability for government corruption and ensure that a fair price is paid for their natural resources.” This is a game changer for many of the countries suffering from the so-called “resource curse,” stated Global Financial Integrity Director Raymond Baker.

Official Statement is Heavy on Promises, Short on Action

June 30, 2010

Monique Perry Danziger, 202-293-0740

WASHINGTON, DC — The G20 Summit in Toronto June 27th-28th was heavy on promises and lean on concrete action items, notes the Task Force on Financial Integrity and Economic Development.  While the G20 expressed a strong desire to “close the development gap,” increase transparency, and tackle corruption and money laundering, there was a notable lack of language indicating an understanding of the interconnected nature of these different problems.

"We are disappointed that there was not an acknowledgment of the importance of curtailing illicit financial outflows from developing countries in the official statement," said Global Financial Integrity director Raymond Baker. "The G20 seems intent on increasing official development assistance and pumping money into other lending bodies for development work but the annual loss of $1 trillion a year from developing countries will continue to dwarf development aid and undermine all efforts to foster robust and sustained economic development until corrective action is taken."

G20 Pledges to Help Poor Meet MDGs: Financial Transparency Can Help

June 27, 2010

Monique Perry Danziger, 202-293-0740

TORONTO, Canada -- The world's largest economies hinted today that they will consider increasing Official Development Assistance to poor countries as a way to help them meet the Millennium Development Goals. The Task Force on Financial Transparency and Economic Development calls on the G20 nations to institute financial transparency measures which will result in additional resources that can be used to meet those development targets. 

In the Toronto Summit communiqué the G20 countries pledged their commitment "to meeting the Millennium Development Goals by 2015" and noted that they will reinforce their efforts "including through the use of Official Development Assistance."