Tax Cooperation Policy Brief 6, January 2019
Illicit Financial Flows: Conceptual and Practical Issues
By Hon. Irene Ovonji-Odida and Algresia Akwi-Ogojo
The issue of illicit financial flows (IFFs) is of great significance for many countries looking to mobilize domestic resources for achieving their development goals. The High Level Panel on Illicit Financial Flows from Africa, led by H.E. Thabo Mbeki, brought the issue into the global spotlight, notably since the release of exposés like the ‘Panama Papers’. This policy brief elaborates on the conceptual underpinnings of IFFs, its sources and the development costs they generate. Building on the report of the High Level Panel, it provides recommendations to stem IFFs from developing countries.
This brief is part of the South Centre’s policy brief series focusing on tax policies and the experiences in international tax cooperation of developing countries.
Efforts to reform international cooperation in tax matters are exhibiting a distinct acceleration. The direction of change must recognize and incorporate innovations in developing country policies and approaches, otherwise the outcomes will obstruct practical paths to development.
The policy brief series is intended as a tool to assist in further dialogue on needed reforms.
*** The views contained in the policy briefs are personal to the authors and do not represent the institutional views of the South Centre or its Member States.
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This article was tagged: Africa, High Level Panel on Illicit Financial Flows from Africa, Illicit Financial Flows (IFFs), Sustainable Development Goals (SDGs), Tax Cooperation, Tax Cooperation Policy Briefs, Tax Havens, Tax Law, Tax Policy