Bank takes on illicit flows (Bretton Woods Project)

Bank takes on illicit flows

Together with the UN, the Bank has backed the stolen asset recovery initiative to recoup the assets stolen from developing countries, estimated at up to $1.6 billion per year. The programme will sponsor research into the development impacts of cross-border flows derived from crime, corruption and tax evasion; work with financial centres to strengthen due diligence; and advocate that professional associations take greater responsibility. In another welcome development, Bank president Zoellick wrote a letter in September to Norway's minister of international development Erik Solheim, agreeing to collaborate on a study of the development impact of off-shore financial centres. The Tax Justice Network has been invited to advise on the process.

The IMF and capital flight: Redesigning the international financial architecture By David Spencer, Senior Adviser, Tax Justice Network At Issue|David Spencer|25 January 2006|update 49|url
The international financial system facilitates trillions of dollars of capital flight from developing and developed countries to onshore and offshore financial centres, with the active participation of banks and other financial institutions. The consequences are massive tax evasion, a resultant erosion of state budgets, and rising disrespect for the law. The relevant international organisations that, working together, can change this situation are the IMF, the OECD, and the UN. read article...
El Banco se toma flujos ilícitos News|Bretton Woods Project|26 October 2007|update 57|url
Junto con la ONU, el Banco ha respaldado la iniciativa de la recuperación de activos robados, para recuperar los activos robados de países en desarrollo, estimados en hasta $1.600 millones anuales. read article...