London is one of the world’s premier destinations for kleptocrats and corrupt oligarchs seeking to launder ill-gotten gains into property, investments, private school fees and influence. There is no reliable estimate of the total value of laundered funds that impacts on the UK. However the National Assessment of Serious Organised Crime says there is “a realistic possibility the scale of money laundering impacting the UK annually is in the hundreds of billions of pounds” (this includes both domestic and international sources).
CGD Policy Blogs
On May 8, the Democratic Republic of the Congo declared a new Ebola outbreak. While new tools are in place, it’s past time to recognize the need to adequately finance preparedness at home and abroad, and to act on existing opportunities to deploy funding and link tightly to progress on preparedness metrics.
Basel III & Unintended Consequences for Emerging Markets and Developing Economies - Part 1: Cross-border Spillover Effects
Basel III is the most extensive, post-global crisis financial regulatory standard to date, but it is rarely discussed by development economists. This is a major oversight.
Development Cooperation Has Emerged a Winner in the EU’s 2021-2027 Budget Proposal, but the Odds Are Stacked against It
The long-awaited European Commission Communication on the Multiannual Financial Framework (MFF) 2021-2027—the EU’s long-term budget—has been unveiled, and so begins the EU’s big battle over money and priorities. Brace yourselves for a long arduous struggle that will expose divisions in the bloc in all sorts of ways—payers vs. recipients, east vs. west, north vs. south, federalists vs. intergovernmentalists, values vs interests. This is also the review that will shape the future of EU development cooperation and the credibility of the EU as a major player in the international development sphere. Does the Commission’s proposal live up to the challenge?
There is much to cheer about in last week’s announcement by the World Bank’s shareholders to increase its paid-in capital by $13 billion. It is a healthy signal that multilateralism is alive and well, at least in the development space. And on a practical level it is sufficient to ensure that at a minimum World Bank lending to sovereign borrowers can be sustained at current levels, and private sector operations can continue to grow.
Last week, the Center for Strategic and International Studies (CSIS) hosted an advance screening of the PBS Great Decisions episode, "Global Health: Preventing Pandemic.” After the screening, a panel of American global health experts took to the stage to discuss US leadership in global health and health security.
“Better data drive better decisions” is a truism that researchers everywhere are all too familiar with. Increasing the availability, usability, and relevance of data is key to tracking performance and informing smarter, more efficient policies—but too often the data we need simply aren’t available, at least not in a useful format. Recently, we’ve been exploring the availability of data (or lack thereof) related to global health commodity markets in the context of CGD’s working group on the Future of Global Health Procurement. To ground the working group’s recommendations, we’re trying to understand the current state of health commodity procurement in low- and middle-income countries (LMICs)—specifically which commodities are procured, by whom, how, and at what price.
CGD and Brookings recently co-hosted Former Finance Minister of Nigeria and Distinguished Fellow Ngozi Okonjo-Iweala to discuss her new book, Fighting Corruption is Dangerous: The Story Behind the Headlines. The book is part memoir, part how-to, as she draws on her years of experience as Nigeria’s Finance Minister to describe the dangers of fighting corruption and how best to do it. I drew four main takeaways from our conversation.
Last week, CGD co-hosted an event with the International Rescue Committee (IRC) with a simple premise that contradicts much conventional wisdom: refugees are not a burden, but a development asset. That premise compels the question: what policies, financing, and partnerships are needed to realize the promise of mutual benefit?
Over 1.7 billion adults worldwide remain unbanked, but two-thirds of them own a mobile phone that could easily connect them to the financial services they need. Governments could leverage digital payments to bring wages, pensions, and services directly to their beneficiaries. Private sector banks could provide digital accounts, loans, and savings devices to a new, previously unreached market. And these unbanked adults could have safe and secure methods to save, invest, and transfer money.