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Reference:
Zhemukhova M.A., Surma I.V.
Peculiarities of functioning of illicit financial flows in developing countries
// National Security.
2015. № 5.
P. 738-744.
DOI: 10.7256/2454-0668.2015.5.16262 URL: https://en.nbpublish.com/library_read_article.php?id=16262
Особенности функционирования нелегальных финансовых потоков в развивающихся странах
Zhemukhova Madina Alimovna
Post-graduate student, Diplomatic Academy of the Ministry of Foreign Affairs of the Russian Federation, the department of State Administration and National Security; Leading Economist at OJSC "Mosmetrostroy"
119992, Russia, Moscow, Ostozhenka Street 53/2
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zhemukhova@gmail.com
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Other publications by this author |
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Surma Ivan Viktorovich
PhD in Economics
Docent, Diplomatic Academy of the Ministry of Foreign Affairs of the Russian Federation, the department of State Administration and National Security
119992, Russia, Moscow, Ostozhenks Street 53/2, office building #1
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vsurma@gmail.com
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DOI: 10.7256/2454-0668.2015.5.16262
Received:
31-08-2015
Published:
1-5-2015
Abstract:
The subject of this research is the illicit financial flows that emerge in developing countries as a result of money laundering, tax evasion and bribery. The author underlines that the main international standards on the fight against illicit financial flows are focused on the following strategic areas: money laundering, tax evasion, corruption, reimbursement of the illegally transferred funds. The author thoroughly describes that the illegal financial outflow forms by the means of two sources:1) import-export scams; 2) outflow of speculative capital. The statistics demonstrated in this article shows that Asian developing countries accrue almost half of the total amount of illegally transferred assets. The author analyzes the reports of such non-governmental organizations as: Tax Justice Network (report “The Price of Offshore Revisited”) and International Financial Integrity (report “Global Illicit Flows from Developing Countries over the period of 2003-2012), report of the Economic Cooperation Organization (ECO) “Illicit Financial Flows from Developing Countries. Assessment of Countermeasures”. The main conclusion of the conducted research is the urgent need for developing countries to reevaluate and abandon agreements on avoiding double taxation; accepting the position on the auto exchange of tax information, requirements of transnational corporations to publically reveal their data about each country on incomes, profit, losses, sales, paid taxes, and personnel capacity.
Keywords:
illicit financial flows, money laundering, tax evasion, international corruption, portfolio investment, direct investment, developing countries, black economy, multinational company, cash-out transaction
References
1. Illicit Financial Flows from Developing Countries: 2003-2012 // Global Financial Integrity URL: http://www.gfintegrity.org/wp-content/uploads/2014/12/Illicit-Financial-Flows-from-Developing-Countries-2003-2012.pdf (data obrashcheniya: 25.04.2015).
2. Portfel'nye investitsii iz RF za rubezh po instrumentam i stranam-partneram po sostoyaniyu na 01.01.2014 // Bank Rossii, ofits. sait URL: http://www.cbr.ru/statistics/?Prtid=svs (data obrashcheniya: 26.04.2015).
3. Iskhodyashchie pryamye investitsii iz RF za rubezh po instrumentam i stranam-partneram po sostoyaniyu na 01.01.2014 // Bank Rossii, ofits. sait URL: http://www.cbr.ru/statistics/?Prtid=svs (data obrashcheniya: 25.04.2015).
4. TsB RF: Denezhnaya massa M2 (natsional'noe opredelenie) na 1 marta 2015 goda // RBK QUOTE URL: http://quote.rbc.ru/news/fond/2015/03/31/34339494.html (data obrashcheniya: 15.07.2015).
5. Russia: Illicit Financial Flows and the Role of the Underground Economy // Global Financila Integrity URL: http://www.gfintegrity.org/wp-content/uploads/2013/02/Russia_Illicit_Financial_Flows_and_the_Role_of_the_Underground_Economy-HighRes.pdf (data obrashcheniya: 07.08.2015).
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