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Search Results for financial crime

Financial Secrecy Feeds Kleptocracy and Environmental Destruction. Now is the Time for the U.S. and the World to Act on Beneficial Ownership Reform

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Operating in financial secrecy, bad actors are free to profit from environmental degradation, and in doing so undermine the global fight against climate change. As global leaders make new commitments this week at COP26, it’s time that politicians promise to shine a light on global financial secrecy, particularly the use of anonymous shell companies, as a crucial climate reform.

Massive “Pandora Papers” Financial Secrecy Leaks Highlight Need for U.S. Reforms

The International Consortium of Investigative Journalists, along with major news outlets such as the Washington Post, yesterday revealed the largest leak of private financial records to date, eclipsing the Panama Papers in scope and scale. The “Pandora Papers” confirm the use of a secretive “offshore” financial system that allows criminals, world leaders, and others to hide billions of dollars from authorities, fueling tax dodging and corruption.

Global Financial Integrity Sends Letter Supporting the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049)

Global Financial Integrity, a founding institutional member of the FACT Coalition, has sent a letter of support to Senate Leadership backing the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049) in its upcoming vote this week. Research from GFI has shown that anonymous companies are a critical component of facilitating transnational crime, including human, drugs, wildlife and arms trafficking and terrorist and rogue-state financing.

Effective Coronavirus Response Demands an End to Financial Secrecy

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Corruption thrives in crisis. As the nation rushes to stop the bleeding of the COVID-19 pandemic, new opportunities arise for bad actors—common criminals, corrupt officials, U.S. adversaries, and authoritarian regimes—to exploit gaps in the U.S. financial system for their own gain. Congress must spend the coming weeks not only readying the next economic response to COVID-19 but also tackling the long-standing vulnerability of U.S. financial secrecy, to keep the trajectory of the national and global recovery on course.