Tag: Illicit Finance

 

Talking about Tax Is Taxing: Pretending It Is Simple Will Hurt the Poor

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Here’s an obvious truth: tax lost to trade misinvoicing in Africa does not equal tax lost to transfer mispricing by multinational corporations in Sierra Leone, which does not equal lost health-care spending. Unfortunately, a policy paper released on Tuesday by Oxfam makes exactly these equivalences. This sort of imprecision is widespread, and it’s not going to help the poor.

Extending the UK Charity Commission’s Anti-Terror Powers Could Backfire

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During the Queen’s Speech, newly re-elected British Prime Minister David Cameron proposed an extended counter-extremism bill in order to confront “head-on the poisonous Islamist extremist ideology.” A press release from the Prime Minister’s office said that the Bill would give new powers to the UK’s Charity Commission to identify charities that use their income to fund extremism and terrorism.

How Can We Make Illicit Finance Less Illicit?

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The truth is: we don’t know much about illicit finance. We don’t have exact figures on the volume of transactions which could fall within this category, and we also don’t know whether these transactions have any significant impact in developing countries and elsewhere. Adding up estimates of different types of illicit flows provides lurid headline figures (one trillion dollars a year) but more specific analysis is needed to determine whether, and how much, better policies might improve development.

And Then There Were None? Banks Are De-Banking on a Grand Scale

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In a few weeks’ time Australia’s Westpac bank will start closing down the accounts of money transfer organizations used by immigrants to send money home. Westpac is the last major Australian bank still offering services to organizations in the country’s US$25bn remittance sector.

 

 

The Unintended Consequences of Anti–Money Laundering Policies

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De-banking is an ugly word, but it’s the focus of a new working group launched by CGD in Europe. Banks in rich countries, under pressure from anti–money laundering and counterterrorism enforcement efforts, are increasingly “de-banking” money transfer organizations that operate in poor countries. In other words, to prevent criminals transferring their ill-gotten gains around the world electronically, they are denying banking services to legitimate companies that are a vital route for millions of people and businesses. And we are talking huge sums of money. 

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