Illicit Financial Flows and their Developmental Impacts: An Overview
Illicit financial flows — cross-border capital movements for the purposes of concealing illegal activities and evading taxes — pose major challenges to developing countries. They deprive the country concerned of urgently needed resources for private and public investment, thereby hampering infrastru...
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| Format: | Article |
| Language: | English |
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Institut de Hautes Études Internationales et du Développement
2015-01-01
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| Series: | Revue Internationale de Politique de Développement |
| Online Access: | http://journals.openedition.org/poldev/1863 |
| _version_ | 1817984550392823808 |
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| author | Marc Herkenrath |
| author_facet | Marc Herkenrath |
| author_sort | Marc Herkenrath |
| collection | DOAJ |
| description | Illicit financial flows — cross-border capital movements for the purposes of concealing illegal activities and evading taxes — pose major challenges to developing countries. They deprive the country concerned of urgently needed resources for private and public investment, thereby hampering infrastructure building and economic growth. This research overview shows that illicit financial flows also favour political changes that go hand in hand with the weakening of state institutions and growing corruption and rent-seeking. As yet, there are no empirical quantitative findings as to the exact functioning and significance of these effects. What is clear, however, is that approaches to problem-solving must come not only from the countries where illicit financial flows originate but also from the recipient countries — offshore financial centres with a high level of financial secrecy. |
| first_indexed | 2024-04-13T23:46:10Z |
| format | Article |
| id | doaj.art-5d34278ab2ac4479bcccee1e65b868e6 |
| institution | Directory Open Access Journal |
| issn | 1663-9375 1663-9391 |
| language | English |
| last_indexed | 2024-04-13T23:46:10Z |
| publishDate | 2015-01-01 |
| publisher | Institut de Hautes Études Internationales et du Développement |
| record_format | Article |
| series | Revue Internationale de Politique de Développement |
| spelling | doaj.art-5d34278ab2ac4479bcccee1e65b868e62022-12-22T02:24:17ZengInstitut de Hautes Études Internationales et du DéveloppementRevue Internationale de Politique de Développement1663-93751663-93912015-01-01510.4000/poldev.1863Illicit Financial Flows and their Developmental Impacts: An OverviewMarc HerkenrathIllicit financial flows — cross-border capital movements for the purposes of concealing illegal activities and evading taxes — pose major challenges to developing countries. They deprive the country concerned of urgently needed resources for private and public investment, thereby hampering infrastructure building and economic growth. This research overview shows that illicit financial flows also favour political changes that go hand in hand with the weakening of state institutions and growing corruption and rent-seeking. As yet, there are no empirical quantitative findings as to the exact functioning and significance of these effects. What is clear, however, is that approaches to problem-solving must come not only from the countries where illicit financial flows originate but also from the recipient countries — offshore financial centres with a high level of financial secrecy.http://journals.openedition.org/poldev/1863 |
| spellingShingle | Marc Herkenrath Illicit Financial Flows and their Developmental Impacts: An Overview Revue Internationale de Politique de Développement |
| title | Illicit Financial Flows and their Developmental Impacts: An Overview |
| title_full | Illicit Financial Flows and their Developmental Impacts: An Overview |
| title_fullStr | Illicit Financial Flows and their Developmental Impacts: An Overview |
| title_full_unstemmed | Illicit Financial Flows and their Developmental Impacts: An Overview |
| title_short | Illicit Financial Flows and their Developmental Impacts: An Overview |
| title_sort | illicit financial flows and their developmental impacts an overview |
| url | http://journals.openedition.org/poldev/1863 |
| work_keys_str_mv | AT marcherkenrath illicitfinancialflowsandtheirdevelopmentalimpactsanoverview |