Illicit Capital Flows
Need to check tax evasion, illicit fund flows by developing nations: OECD
Amid the current geopolitical and debt crisis, there is a pressing need to check tax evasion and illicit financial flows, especially by Asian nations, which lost estimated 25 billion euros in revenue in 2016, OECD's Tax Transparency report said on Thursday. Quoting a study, the OECD report said 4 per cent of Asia's financial wealth amounting to 1.2 trillion euros was held offshore, leading to a potential annual revenue loss of 25 billion euros for the region in 2016. The Tax Transparency in Asia 2023: Asia Initiative Progress Report said that the current global landscape makes the fight against tax evasion and other illicit financial flows (IFFs) even more pressing in the aftermath of the COVID-19 pandemic, and the geopolitical crisis resulted in slower economic growth, increased government expenditure on public health, social and economic support, and other areas. This resulted in reduced tax revenues and hindered states' finances. With a deteriorated debt outlook and the rise in .
 "Need to check tax evasion, illicit fund flows by developing nations: OECD")
Illicit money flows: UAE set to be placed on FATF's 'gray list'
Just a few votes to the contrary can result in a jurisdiction getting added to the list of nations under increased monitoring
 "Illicit money flows: UAE set to be placed on FATF's 'gray list'")
Illicit capital flows in developing world as high as $3.5 tn in 2014: Study
Illicit capital is mostly channelled through mis-invoicing
 "Illicit capital flows in developing world as high as $3.5 tn in 2014: Study")
