Unveiling Illicit Financial Flows: Who, What, Why, Where, and When
Explore the depths of illicit financial flows as Joseph Stead delves into the origins, impact, and key players involved in this global issue. From the illegal acquisition of funds to their transfer and spending, uncover the detrimental effects on development, lost tax revenue, and perpetuation of corruption. Discover who controls, enables, and suffers from these flows, spanning across the corporate, corrupt, and criminal sectors. Uncover the global reach of these flows, from developing nations to tax havens, and the urgent need to address this challenge now.
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Presentation Transcript
Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1
What? Money that is illegally earned, transferred or spent Corruption Criminal activities Fraudulent commercial activities Tax dodging The 3 sins Sin at origin funds acquired illegally Sin at transfer not properly recorded Sin abroad not declared 2
What? - Impact Outflows have a significant impact on development Lost tax revenue Taxes are the primary source of funding Lost capital for investment SDGs face an investment gap of $2.5trillion Perpetuates culture of corruption and evasion 3
Why 4
Who? Those who control the money The Corporate The Corrupt The Criminal By far the largest 5
Who? Those who enable the flows Pin-stripe mafia (lawyers and accountants) Governments 6
Who? Those who suffer as a result The poorest suffer most (women especially) Society as a whole 7
Where? Everywhere Flows out from developing countries Flows into tax havens (not just hot islands) 8
When? NOW! Our Challenge is to make it the past 9
