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Illicit Financial Flows from Developing Countries

Measuring OECD Responses

image of Illicit Financial Flows from Developing Countries

This publication identifies the main areas of weakness and potential areas for action to combat money-laundering, tax evasion, foreign bribery, and to identify, freeze and return stolen assets. It also looks at the role of development agencies and finds that the potential returns to developing countries from using ODA on issues like combating tax evasion or asset recovery are significant.  Finally, it identifies some opportunities for a scaled-up role for development agencies.

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Freezing, recovering and repatriating stolen assets

Progress on recovering and repatriating stolen assets to developing countries has been modest. OECD countries can do more to signal that asset recovery is a political priority and to put in place the necessary legal and institutional framework to repatriate assets. This means dedicating more resources to legal and technical expertise to handle complex and costly cases involving developing countries. It also means adopting legal best practice, such as allowing for rapid freezing of assets when requested to do so by a foreign jurisdiction; directly enforcing foreign confiscation orders; allowing for non conviction-based asset confiscation; recognising foreign non conviction-based forfeiture orders; allowing foreign countries to initiate civil actions in domestic courts; and where appropriate, allowing compensation, restitution or other damages to benefit a foreign jurisdiction. In turn, developing countries must make it a priority to engage in effective mutual legal assistance, provide the necessary information to investigating authorities with which they co-operate, and proactively pursue and sanction their nationals implicated in corruption cases.

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