Illicit Financial Flows from Developing Countries: 2002-2006

2009 ◽  
Author(s):  
Dev Kar ◽  
Devon Cartwright-Smith
Keyword(s):  
Developing Countries ◽  
Financial Flows ◽  
Illicit Financial Flows

Impediments affecting the curbing of illicit financial flows of organised crime in developing economies

2019 ◽  
Vol 26 (1) ◽  
pp. 5-21 ◽  
Author(s):  
Emmanuel Sotande
Keyword(s):  
Developing Countries ◽  
Developing Economies ◽  
Task Force ◽  
Organised Crime ◽  
Policy Implications ◽  
Periodic Review ◽  
Financial Flows ◽  
Content Type ◽  
Serious Crime ◽  
Illicit Financial Flows

Purpose The purpose of this paper is to examine the treats hindering war against illicit financial flows of organised crime in developing economies and Nigeria in particular. The examination shows that the impediments facing the fight against money laundering and organised crime financial flows vary from one country to another. It may be lesser in developed economies where most instruments, treaties and best practice recommendations to curb serious crime originated from. However, the impediments against the proceeds of organised crime in developing economies are overwhelming. Design/methodology/approach The research methodology adopted was qualitative analysis. This was applied through the use and analysis of documents and expert interviews. Findings The impediments jeopardising the success against organised crime and other related serious crime financial flows in developing economies are devastating. Consequently, the study offered some policy implications to help mitigate these impediments in developing countries. The dynamics and the phenomena of organised crime business model are operated with ingenious strategies within the global states. Therefore, staying in control of the menace and the threats originated from the organised criminal activities would require periodic review of the global initiatives, standards and strategies deployed by the standard setters to combat organised crime and its financial flows in developing and evolving economies. Additionally, the implementing countries should be carried along and allow to make inputs when such initiatives and standards are being developed. Social implications In Nigeria, there is a clear evidence of “collateral damage” in terms of social justice as result of financial exclusion of many bankable adults of the country that do not possess unique identities for account opening documentation and customer due diligence of the Financial Action Task Force recommendation 10. Originality/value There have been quite a number of studies on organised crime and still fewer have recognised the need to explore the success or failure of combating the proceeds of crime in developing economies. This study provides answer to these gaps by screening associated risks of fighting the proceeds of organised crime in developing countries and Nigeria in particular.

scholarly journals Corruption and Illicit Financial Flows in Nepal

2016 ◽  
Vol 30 (2) ◽  
pp. 211-224
Author(s):  
Tara Prasad Bhusal
Keyword(s):  
Developing Countries ◽  
Special Reference ◽  
South Asia ◽  
Tax Evasion ◽  
Financial Flows ◽  
Cross Border ◽  
The World ◽  
Increasing Trend ◽  
Intellectual Interest ◽  
Illicit Financial Flows

In recent years, considerable intellectual interest has arisen over the extent of illicit financial flows which may have development, governance or other consequences for both developed and developing countries. Illicit financial flows involve the cross-border transfer of the proceeds of corruption, trade in contraband goods, criminal activities, and tax evasion. The main objective of this article is to explore the current situation of illicit financial flows from the developing countries with special reference to south Asia and Nepal. The article also explains its causes, impact and measures to stem those flows. Although much effort and resources have been used to stem the illicit financial flows in the world, it is in increasing trend specially in case of developing world.

scholarly journals Mechanism of Capital Flight Control in Developed and Developing Countries (Case Study of France and Mexico)

2018 ◽  
Vol 28 (4) ◽  
pp. 616-626
Author(s):  
Lyudmila Khamaganova ◽  
Anastasia Mikhaleva
Keyword(s):  
Developing Countries ◽  
Flight Control ◽  
Negative Impact ◽  
Social Consequences ◽  
Capital Flight ◽  
Capital Export ◽  
Financial Flows ◽  
Financial Uncertainty ◽  
Illicit Financial Flows ◽  
The One

Nowadays, as a result of globalization, export of capital in huge quantities from developed and developing countries, including the one performed in contravention of currency and customs law and illicit financial flows, is going on. Legal and illegal forms of capital export (capital flight) in the midst of financial uncertainty are in the focus of research interest because such movements of capital have a negative impact on the economic capacity of the country and result in severe macroeconomic, political and social consequences. This issue appears relevant as a mechanism of capital flight control in developed and developing countries needs to be studied for the purpose of which cases of France and Mexico have been considered. It is noted that in developed counties illicit financial flows fall under the jurisdiction of special federal agencies such as Tracfin, a service of the French Ministry of Finance. The paper presents an analysis of Tracfin's control of illicit financial flows in France. The amount of capital flight from France is estimated by such balance of payment item as the net errors and omissions. Analysis of capital flight from developing countries is performed by Global Financial Integrity (GFI). Thus, a correlation between the amount of illegal financial outflows from Mexico and macroeconomic crises was identified on the basis of data on Mexico.

scholarly journals Global Illicit Financial Flows: Where does Dirty Money from Developing Countries become legal?

2021 ◽  
Vol 15 (2) ◽  
pp. 135-150
Author(s):  
Wahaj Ahmed Khan ◽  
Syed Tehseen Jawaid ◽  
„ Muhammad Asif Shamim
Keyword(s):  
Developing Countries ◽  
Money Laundering ◽  
Financial Stability ◽  
Policy Making ◽  
Developing Nations ◽  
Global Level ◽  
Financial Flows ◽  
International Body ◽  
Illicit Financial Flows ◽  
Financial Fund

The study determines most favorite destinations for money laundering preferred by wrong doers from 25 developing nations selected on the basis of highest illegal financial fund outflows from 2004 to 2014, a report published by Global Financial Integrity (GFI) in 2015. Firstly, it has been discussed that how money laundering activities are shackling the economic and financial stability in a country by distorting and damaging different sectors of economy as well as financial sector. Walker's Gravity Model has used to determine the most preferred destinations for money laundering. Research indicates that most developed and stable economies with lax controls are preferred by criminals. Robustness has been checked through triangulation method. It is recommended that uniform controls at global level are essential to eliminate havens and the need of international body which shall be responsible for policy making and enforcement of strong regulations is also highlighted.

Strategies for preventing illicit financial flows in developing countries

2020 ◽  
Vol 23 (3) ◽  
pp. 601-608
Author(s):  
Bello Umar ◽  
Martins Mustapha Abu ◽  
Zayyanu Mohammed
Keyword(s):  
Developing Countries ◽  
Task Force ◽  
Journal Articles ◽  
Financial Flows ◽  
Content Type ◽  
Effective Strategies ◽  
Beneficial Ownership ◽  
Assessment Techniques ◽  
Illicit Financial Flows ◽  
Financing Of Terrorism

Purpose This paper aims to critically review the strategies for prevention of illicit financial flows to and from developing countries with a view of ascertaining the most effective strategies to be selected and implemented by developing countries to stem the scourge. Design/methodology/approach The peer-reviewed journal articles were studied; those that discussed illicit financial flows were selected and reviewed critically using the systematic quantitative assessment techniques together with an output table. Findings The critical review deduced that enacting effective trade laws, trade regulations, creating a beneficial ownership registry, multinational companies disclosing information on business, automatic exchange of information on tax issues, the Financial Action Task Force 40 guidelines on anti-money laundering and countering financing of terrorism and domestic and international cooperation are the most reliable strategies that should be implemented by developing countries. Research limitations/implications The wide geographic scope of developing countries, use of only high-quality databases that restricted the use of other articles and use of public sector perspective are the limitations for this paper. Originality/value This study is amongst the limited works to discuss the most reliable and effective strategies to prevent illicit financial flows in developing countries.

Vulnerability and Exposure to Illicit Financial Flows Risk in Africa

2019 ◽  
Author(s):  
Charles Abugre ◽  
Alex Cobham ◽  
Rachel Etter-Phoya ◽  
Alice Lépissier ◽  
Markus Meinzer ◽  
...  
Keyword(s):  
Financial Flows ◽  
Illicit Financial Flows
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