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Illicit Financial Flows: Concepts, Measurement, and Evidence

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  • Matthew Collin

Abstract

There is a growing consensus that the presence of illegal and harmful cross-border financial flows is one of the factors impeding economic and human development. In recent years, a new conceptual framework for describing these “illicit” financial flows (IFFs) has emerged that combines issues ranging from cross-border money laundering to tax evasion. This article summarizes and clarifies recent empirical work in this area. Three types of studies are considered and critiqued: (i) methods of measuring IFFs, (ii) constructed risk indicators, and (iii) forensic studies that aim to uncover instances where illicit flows have occurred. The article discusses the limitations of all three approaches and proposes ways in which the research agenda on IFFs could be reasonably advanced, given the hidden nature of the subject.

Suggested Citation

  • Matthew Collin, 2020. "Illicit Financial Flows: Concepts, Measurement, and Evidence," The World Bank Research Observer, World Bank, vol. 35(1), pages 44-86.
    • Handle: RePEc:oup:wbrobs:v:35:y:2020:i:1:p:44-86.
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    File URL: http://hdl.handle.net/10.1093/wbro/lkz007
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    Citations

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    Cited by:

    1. Kasper Brandt, 2020. "Illicit financial flows and the Global South: A review of methods and evidence," WIDER Working Paper Series wp-2020-169, World Institute for Development Economic Research (UNU-WIDER).
    2. Mehrotra, Rahul & Carbonnier, Gilles, 2021. "Abnormal pricing in international commodity trade: Empirical evidence from Switzerland," Resources Policy, Elsevier, vol. 74(C).
    3. Kern, Andreas & Nosrati, Elias & Reinsberg, Bernhard & Sevinc, Dilek, 2023. "Crash for cash: Offshore financial destinations and IMF programs," European Journal of Political Economy, Elsevier, vol. 78(C).
    4. Rogelio Madrueño & Magdalene Silberberger, 2022. "Dimensions and Cartography of Dirty Money in Developing Countries: Tripping Up on the Global Hydra," Politics and Governance, Cogitatio Press, vol. 10(2), pages 25-39.
    5. Ndiimafhi Norah Netshisaulu & Huibrecht Margaretha van der Poll & John Andrew van der Poll, 2024. "Enhancing and Validating a Framework to Curb Illicit Financial Flows (IFFs)," JRFM, MDPI, vol. 17(8), pages 1-22, July.

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