Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice...
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Transcript of Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice...
![Page 1: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/1.jpg)
Illicit Financial Flows:Who, What, Why, Where and
When?
Joseph Stead – Senior Economic Justice Adviser, Christian Aid
1
![Page 2: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/2.jpg)
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What?Money that is illegally earned, transferred or spent
■ Corruption■ Criminal activities■ Fraudulent commercial activities ■ Tax dodging
The 3 sins■ Sin at origin – funds acquired illegally■ Sin at transfer – not properly recorded■ Sin abroad – not declared
![Page 3: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/3.jpg)
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What? - ImpactOutflows have a significant impact on development
Lost tax revenue■ Taxes are the primary source of funding
Lost capital for investment■ SDGs face an investment gap of $2.5trillion
Perpetuates culture of corruption and evasion
![Page 4: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/4.jpg)
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Why
![Page 5: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/5.jpg)
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Who? – Those who control the money The Corrupt The Criminal The Corporate
By far the largest
![Page 6: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/6.jpg)
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Who? Those who enable the flowsPin-stripe mafia(lawyers and accountants)
Governments
![Page 7: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/7.jpg)
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Who? Those who suffer as a resultThe poorest suffer most (women especially)
Society as a whole
![Page 8: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/8.jpg)
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Where?EverywhereFlows out from developing countriesFlows into tax havens (not just hot islands)
![Page 9: Illicit Financial Flows: Who, What, Why, Where and When? Joseph Stead – Senior Economic Justice Adviser, Christian Aid jstead@christian-aid.org 1.](https://reader035.fdocuments.in/reader035/viewer/2022062804/5697bf931a28abf838c8f7d2/html5/thumbnails/9.jpg)
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When?
Our Challenge is to make it the pastNOW!