Curtailing Illicit Flows
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Transcript of Curtailing Illicit Flows
Curtailing Illicit Flows
Global, Regional, and Domestic Policy Options
Raymond BakerPresident, Global Financial Integrity
September 9, 2014
Policy Themes
• Greater transparency in domestic and international financial transactions, and
• Greater cooperation between governments to shut down the channels through which illicit money flows.
Recommendations Include
• Instituting transparency of company ownership;
• Building capacity to effectively implement emerging tax information exchange arrangements; and
• Taking stronger legal measures against trade misinvoicing.
Curtailing Trade Misinvoicing
• Legislation• Declarative Statement• Real-Time Access to Pricing Data• Audit Verification
Legislation
Adopt legislation making abusive trade misinvoicing, on any transaction with this country, wherever and however it is done, against the law.
Declarative Statement
In relation to the importation or exportation of goods or in relation to the importation or exportation or utilization of services or intangibles, there has been no misstatement of price, quantity, quality, volume, or other substantive term of invoice i) for the purpose of manipulating customs duties, VAT taxes, income taxes, excise taxes, or any other form of revenues collected by or to be collected by the Government, or ii) for the purpose of evading or violating banking, capital, or foreign exchange controls or anti-money laundering statutes or terrorist financing prohibitions.
___________________
Chief Executive Officer
Real-Time Access to Pricing Data
Access to U.S. and E.U. trade pricing data on 25,000 Harmonized System categories of trade goods.
Audit Verification
Auditors required to sign a statement on audited accounts confirming that upon their examination and to the best of their ability to determine the Chief Executive Officer’s Declarative Statement i) has been fully complied with, or ii) has been or may have been violated in the following specified incidents [list].
Political Will
• Political Will• Political Will• Political Will
Contact Information
Today’s Speaker:
Raymond BakerPresidentGlobal Financial [email protected]+1 202 293 0740
Press Inquires:
Direct all press inquiries to:
Clark Gascoigne
Communications Director
Global Financial Integrity
+1 202 815 4029
www.gfintegrity.org