Follow the money. The impact of the illicit financial flows home and abroad. A common european-african perspective

Razvan Hoinaru ()
Additional contact information
Razvan Hoinaru: Queen Mary, University of London, United Kingdom

Romanian Journal of Economics, 2017, vol. 44, issue 1(53), 87-94

Abstract: The recently documented impact of Illicit Financial Flows (IFFs) challenged global organisations to propose solutions and sign agreements. Multilateral conventions and international cooperation programmes were placed on agendas by global organisations like OECD, IMF, G20, World Bank. Combatting IFF combines the purposes of addressing vulnerabilities, protecting people and resources, bringing financial stability, economic development, human development and diminishing crime. IFF is primarily of a political nature, however it happens because of money laundering, trade mispricing, bad financial reporting, tax avoidance, shell companies, etc. As well as being an African issue, IFF is a European one as well. Regional bodies like the European Parliament and African Union are specifically addressing the effecting issues further. In the process of legislation making, under the umbrella of the ACP-EU Parliamentary Partnership, is the Stolojan-Kaba report on the Impact of Illicit Financial Flows on Development Finance. This piece of legislation is of particular importance as it shows common interest and two-headed leadership from both the EU and African side. The purpose of this article is to analyse the policy coherence on the subject matter around the world and how efforts done separately, home and abroad, are put together. A second purpose of the article is to follow the money by presenting the accountability dimension of accounting and discover who is paying the price.

Keywords: illicit financial flows; policy; European Union; African Union (search for similar items in EconPapers)
JEL-codes: G28 H87 (search for similar items in EconPapers)
Date: 2017
References: View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.revecon.ro/articles/2017-1/2017-1-7.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ine:journl:v:44:y:2017:i:53:p:87-94

Access Statistics for this article

Romanian Journal of Economics is currently edited by Institute of National Economy

More articles in Romanian Journal of Economics from Institute of National Economy Contact information at EDIRC.
Bibliographic data for series maintained by Valentina Vasile ().