International migration and cross-border illicit financial flows

John Rand

No wp-2026-70, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper examines whether international migration facilitates illicit financial flows (IFFs) alongside legitimate cross-border investment. While a large literature shows that migrant networks promote foreign direct investment (FDI) by reducing information frictions, little is known about their role in enabling illicit capital movements. Using harmonized bilateral FDI statistics, we proxy illicit activity using the concept of phantom FDI - investment routed through special purpose entities with little real economic substance.

Keywords: Illicit financial flows; International migration; Foreign Direct Investment (search for similar items in EconPapers)
Date: 2026
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