1945

Illicit financial flows: The current state of knowledge

“Illicit financial flows” is a relatively new term which has been promoted by Global Financial Integrity since 2006.16 It is a highly contested term among both scholars and practitioners. In a narrow sense, the term refers to unrecorded capital that is illegally earned, transferred or utilized. This may include funds from illicit activities, such as drug-trafficking or corruption; tax evasion, through the transfer of funds abroad in violation of national tax regulations; and funds used for illegal purposes, such as the financing of terrorism.

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