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The World Bank Group’s response to illicit financial flows : a stocktaking (English)

The term illicit financial flows (IFF) began to appear in the 1990s to describe a number of cross border activities. The term was initially strongly associated with capital flight. It now generally refers to cross-border movement of capital associated with illegal activity or more explicitly, money that is illegally earned, transferred, or used that crosses borders. This falls into three main areas: the acts themselves are illegal (for example, corruption, tax evasion); or the funds are the results of illegal acts (for example, smuggling and trafficking in minerals, wildlife, drugs, and people); or the funds are used for illegal purposes (for example, financing of organized crime). The World Bank Group’s (WBG’s) approach to IFFs emphasizes the importance of addressing the illicit flows themselves, as well as the underlying activities. This paper documents WBG experience and presents the future direction of its work on IFFs. In order to inform future work on IFFs, this note defines IFFs and sets out WBG experience working on them to date. Also, it presents some areas for future activities to take up this challenge.


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    The World Bank Group’s response to illicit financial flows : a stocktaking

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The World Bank Group’s response to illicit financial flows : a stocktaking (English). Washington, D.C. : World Bank Group.