Bank takes on illicit flows

5 October 2007

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.