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Curtailing Illicit Financial Flows a Human Rights Imperative
Author: Raymond W. Baker, Director of Global Financial Integrity on Trust.org, Published on: 30 April 2013
[W]e estimate that $859 billion drained illicitly out of developing countries in 2010…With governments unable to accurately tax this income, less money is available for infrastructure development and the provision of critical services….Illicit financial flows hamper government accountability and stability…This…leads to more corruption and inefficiency... Finally, these complex mechanisms…place…a greater burden on the poor and the middle class….The key to curtailing illicit financial flows is transparency…Ultimately, it is civil society organisations, government officials, media, and academics in developing countries that can push for the greatest changes at the national level…[and] [i]f a government or company wants to call itself a champion of human rights, curtailing illicit outflows needs to be high on its agenda.