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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.

Details

  • Document Date

    2016/03/22

  • Document Type

    Board Report

  • Report Number

    104568

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2016/04/05

  • Disclosure Status

    Disclosed

  • Doc Name

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

  • Keywords

    Tax Evasion;Environment and Natural Resources;transfer pricing;modernization of the public sector;Trade and Transport;trade and transportation;justice sector;financing development;asset recovery;exchange of tax information;public availability of information;fragile and conflict state;law enforcement official;increase in tax revenue;Oil and Gas Sector;impact of policy choices;Management of Natural Resources;Fragile & Conflict-Affected States;finance and markets;stolen assets;trade and competitiveness;Rule of Law;illicit financial flows;flow of information;mutual legal assistance;program of support;organized crime;Extractive Industry;law enforcement authority;Public Financial Management;peer review process;conflicts of interest;list of countries;Natural Resource Management;civil society group;movement of fund;public sector integrity;implications for development;natural resource exploitation;domestic resource mobilization;conflict and violence;international legal agreements;capacity building program;increasing tax revenue;access to justice;public service delivery;implementation of reform;level of collaboration;diversion of money;proceeds of crime;categories of income;reimbursable advisory services;tax avoidance activity;risk of corruption;access to banking;justice sector reform;ministries of justice;opportunities for corruption;political economy study;private sector representative;basis of knowledge;national integrity system;resource management strategy;amount of oil;private sector entities;natural resource extraction;law enforcement agencies;mining tax administration;series of workshops;economic growth perspective;body of knowledge;types of firms;management of asset;security and development;Legal Vice Presidency;exchange of good;domestic crude oil;capacity building support;inflow of capital;scale and scope;law enforcement body;authority of law;money laundering;illicit fund;extractive sector;border control;tax authorities;tax authority;illegal activities;international cooperation;international community;cross-border movement;International Trade;customs operation;commercial activity;international standard;Criminal justice;resource-rich country;regional network;mineral extraction;illegal logging;institutional strengthening;financial regulation;public official;shadow economy;trade statistic;fight corruption;Justice Reform;regulatory quality;oil sector;international tax;illegal trade;multilateral development;illegal exploitation;vested interests;international level;developmental impact;international body;tax planning;operational level;lost revenue;financial center;analytical tool;sectoral studies;Regional Studies;cross border;financial system;political connections;illicit activity;border crossing;assessment system;drug traffic;poor community;private investment;performance management;action agenda;tax payment;ongoing support;innovative governance;illegal income;customs reform;discretionary authority;illegal workers;corruption trends;customs fraud;theoretical model;public resource;judicial institution;policy formulation;increasing transparency;national strategy;common strategies;international efforts;financial oversight;remedial action;public finance;anticorruption agency;enforcement agency;capital movement;good governance;global network;financial regulator;audit agency;asset declaration;illicit enrichment;civil conflict;global economy;Asset Disclosure;south sudan;fiscal transparency;prosecutorial authority;active portfolio;plenary session;border cooperation;Public Spending;environmental crime;criminal conduct;fraudulent activity;illicit trade;reform process;state capture;detailed examination;regulatory regime;information base;performance contract;Tax Reform;international commitment;legal drafters;rigorous analysis;knowledge product;judicial governance;asset return;international initiative;Trade Policies;Trade Policy;draft law;illegal fund;significant challenge;broad consensus;independent party;political competition;goods trade

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Citation

The World Bank Group’s response to illicit financial flows : a stocktaking (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/502341468179035132/The-World-Bank-Group-s-response-to-illicit-financial-flows-a-stocktaking