Dirty Money: Crime, Corruption and Illicit International Cash Flows

Raymond Baker, Senior Fellow,
Center for International Policy, discusses the challenge posed by
illicit cash flows. Illegal cross border transactions are facilitated
by an international structure of tax havens, dummy companies and secret
accounts, that support international crime and abet terrorism. This
shadow financial system which uses both legitimate and illegitimate
channels such international banks and multinational companies, avoids
or ignores customs, taxes and money laundering laws. It is estimated
that these activities drain approximately 500 billion dollars a year
from the economies of developing countries, contributing to
international crime, economic and political destabilization and
poverty. How does this system operate and evade detection? What effect
does this have on developing countries and the wider international
economy? What tools do we have to tackle and undermine illegal
financial transfers?

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