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Strategies to Combat Illicit Financial Flows: Policy Recommendations for Enhanced Transparency

This report addresses the urgent need to curtail illicit financial flows through greater transparency in financial transactions and enhanced government cooperation. Key recommendations include instituting transparency in company ownership, building capacity for effective tax information exchange, and implementing strong legal measures against trade misinvoicing. The report also highlights legislative measures that can effectively combat abusive trade practices and outlines the importance of political will in driving these initiatives forward to create a more secure financial system globally.

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Strategies to Combat Illicit Financial Flows: Policy Recommendations for Enhanced Transparency

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  1. Curtailing Illicit Flows Global, Regional, and Domestic Policy Options Raymond Baker President, Global Financial Integrity September 9, 2014

  2. 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.

  3. 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.

  4. Curtailing Trade Misinvoicing • Legislation • Declarative Statement • Real-Time Access to Pricing Data • Audit Verification

  5. Legislation Adopt legislation making abusive trade misinvoicing, on any transaction with this country, wherever and however it is done, against the law.

  6. 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

  7. 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.

  8. 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].

  9. Political Will • Political Will • Political Will • Political Will

  10. Contact Information Today’s Speaker: Press Inquires: Direct all press inquiries to: Clark Gascoigne Communications Director Global Financial Integrity cgascoigne@gfintegrity.org +1 202 815 4029 Raymond BakerPresidentGlobal Financial Integrityrbaker@gfintegrity.org+1 202 293 0740 www.gfintegrity.org

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