(PHOTO CREDITS: Courtesy FINANCIAL FORTUNE)
By Steve Umidha
A new tool launched yesterday by Tax Justice Network (TJN) is hoped to be the key to identifying money flows in and out of the country – most of which is believed to be illegal.
The Illicit Financial Flows Vulnerability Tracker measures and visualizes each country’s vulnerability to various forms of illicit financial flows over different periods of time.
Illicit financial flows are transfers of money from one country to another that are forbidden by law, rules or custom. The vice has the potential to hurt economies, societies, public finances and governance of countries if left unchecked over a long period of time.
“A key challenge to tackling illicit financial flows is the difficulty countries face in identifying which financial flows carry the largest risk to their economies. The launch of Illicit Financial Flows Vulnerability Tracker will help countries identify the trading partners and channels that pose the greatest risks to their economies,” reads a statement from the tax network.
