Washington – Contrary to UK Prime Minister Gordon Brown’s statement today that provisions in the G20 Communiqué denote the “start of the end” of tax havens, Global Financial Integrity (GFI) believes the Action Plan agreed to in London today “is more likely just the end of the beginning” of the effort to curtail the activities of jurisdictions that hide financial transactions behind a veil of secrecy.
GFI Director Raymond Baker said today that while the efforts of the G20 nations to address the global financial crisis in general, and the activities of secrecy jurisdictions in particular, were laudable, “relying on weak OECD criteria for information exchange will not get the job done. The OECD only requires that countries provide tax information when it is requested by another government rather than an automatic exchange of information between tax authorities.” The U.S. currently has a strong automatic tax information exchange agreement with Canada.
Washington, D.C., March 31, 2009— Global Financial Integrity (GFI) submitted a statement to the U.S. House of Representatives Committee on Ways and Means today on critical measures needed to ensure success in Congressional efforts to curtail abuse of tax havens. The statement, submitted for the hearing held today on “Banking Secrecy and Wealthy American Taxpayers,” recommends provisions set forward in the the Stop Tax Haven Abuse Act and Incorporation Transparency Act, both sponsored by Senator Carl Levin and introduced earlier this month.
GFI also submitted a letter signed by 29 public interest groups supporting the Stop Tax Haven Abuse Act to Congressional leadership yesterday. Signatories of the letter include the 10 million-member AFL-CIO, the 30-year old tax fairness group Citizens for Tax Justice, and the government accountability organization OMB Watch. The letter states that there is a “need for strengthening anti-tax evasion law and increasing transparency in the global economic system.” And that the signatories “welcome the increased focus from Congress on the problem of tax haven abuse.”
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Civil Society Groups Show Support for Congressional Action on Tax Havens
Washington, D.C., March 30, 2009 – Global Financial Integrity (GFI) sent Congressional leadership a letter today signed by nearly 30 public interest groups affirming support for legislation that would combat offshore secrecy jurisdictions (Stop Tax Haven Abuse Act) and applauding Congressional action on the problem of tax haven abuse. Called the “Stop Tax Haven Abuse Act” the Levin bill would, among other benefits, give the Treasury Department “authority to take special measures against foreign jurisdictions and financial institutions that impede U.S. tax enforcement.” An estimated $100 billion in US taxes are lost each year due to the abuse of tax havens.
The advocacy groups which signed the letter include the 10 million-member AFL-CIO, the 30-year old tax fairness group Citizens for Tax Justice, the government accountability organization OMB Watch and the federation of state Public Interest Research Groups (PIRGs); The letter was organized by Global Financial Integrity, a Washington-based research organization that focuses on transparency in the global financial system.
Tax Havens: The Hidden Hand in the Financial Crisis
American News Project, January 7, 2009
Lagan Sebert examines how tax havens helped enable the current economic mess and how several of the big companies that have received billions of bailout dollars were also the most active in the shady world of offshore finance.
Government of Denmark Joins Task Force on Financial Integrity and Economic Development
Washington, D.C.— The Government of Denmark is the newest member to join the Task Force on Financial Integrity and Economic Development, Global Financial Integrity announced this week.
“GFI is delighted to welcome the government of Denmark on board at this momentous and high-stakes time in global finance and development,” said GFI director Raymond Baker. “We look forward to working with Mrs. Jette Egelund, the Danish Minister Counselor and government representative to the Task Force. Mrs. Egelund has extensive experience working with multilateral affairs and is for the moment also representing Denmark in the Paris Club.”
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