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Article

7 Jan 2010

Author:
Arvind Ganesan, Human Rights Watch; Thomas Pogge, Yale Univ.; Raymond Baker, Global Financial Integrity

Financial Integrity Meets Human Rights

In early December of last year,...40 organizations and individuals met at Yale University to discuss illicit capital flows out of developing countries, lack of transparency in the global financial system, and the impact these conditions have on human rights around the world... The result of this discussion -- called the New Haven Declaration -- is being released today. Its message is clear, that "human rights and international financial integrity are intimately linked" and that poverty increases when money flows out of nations illicitly instead of being invested in the basic needs of people in their countries... The Washington NGO Global Financial Integrity estimates that $1 trillion in illicit money is spirited out of developing countries every year, utilizing the global shadow financial system... Human Rights Watch has documented how billions of dollars in illicit outflows have damaged, for example, Angola, Equatorial Guinea and Indonesia, shifting abroad funds that could otherwise be used for education and health services.