The Task Force on Financial Integrity and Economic Development, a consortium of governments and research and advocacy organizations , focuses on achieving greater transparency in the global financial system for the benefit of developing countries.
Global Financial Integrity , a Washington, DC-based think tank and leader of the Task Force, estimates that the amount of money draining illicitly out of developing countries into western economies is approximately $850 billion to $1 trillion a year. These cross-border funds are generated as the proceeds of a) bribery and theft by government officials (about 3 percent of the global total), b) criminal activity such as drug trading and racketeering (comprising some 30 to 35 percent of the global total), and c) commercial tax evasion accomplished primarily through the mispricing of exports and imports (by far the largest component at about 60 to 65 percent of the global total).
Session 1 – Beneficial Ownership
Session 2 – Country-by-Country Reporting
Session 3 – Automatic Exchange of Information
Session 4: AML Predicate Crimes: The Case for Tax Evasion
Session 5 – Trade Mispricing
Economist Jeffrey Sachs delivers keynote address via live teleconference