Understanding Illicit Financial Flows
| dc.contributor.author | Akina Mama wa Afrika | |
| dc.date.accessioned | 2022-06-05T04:45:16Z | |
| dc.date.available | 2022-06-05T04:45:16Z | |
| dc.date.issued | 2018 | |
| dc.description.abstract | Illicit Financial Flows (IFFs) are the movements of money or capital from one country to another that are illegally earned, acquired, transferred or utilized. Capital being transferred is considered illicit when: First, the act of transferring it across countries is illegal (Money Laundering, Cash Smuggling). Second, it is the result of an illegal act (Drug Trade, Tax Evasion). Lastly, if it is used to finance an illegal activity (Organized Crime, Terrorism). While IFFs are a result of illegal activities, some activities contributing to the practice may circumvent that definition as they are not technically illegal but illicit. This means that although the activities are legal, they are not ethical or moral. Tax avoidance is one such example. Here multi-national corporations use the tax code to facilitate the process of paying as little tax as possible, to the detriment of the communities in which they generate revenue. It is seen as unethical because these corporations that are already incredibly wealthy do not pay their fair share of taxes while poorer people living in those communities have to pay taxes due them, no matter the cost. Because governments lose revenue by multinationals not paying their fair share, the next best option is rigorous regressive taxation that impacts poor and vulnerable groups the most. | en_US |
| dc.identifier.uri | https://nru.uncst.go.ug/handle/123456789/3693 | |
| dc.language.iso | en | en_US |
| dc.publisher | Akina Mama wa Afrika (AMwA) | en_US |
| dc.title | Understanding Illicit Financial Flows | en_US |
| dc.type | Other | en_US |