What is the link between COVID-19 and illicit financial flows?

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The item What is the link between COVID-19 and illicit financial flows? represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.
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Summary: In this article, the authors consider how illicit financial flows (IFFs) affect countries' economic stability and limit their ability to respond to crises like the coronavirus pandemic. While they note that the pandemic may increase IFFs, they also suggest that COVID-19 may provide the impetus for countries to take effective action against a range of financial crimes. The article consists of six sections. Section I offers a brief history of pandemics and civilization's response thereto. Sections II, III, and IV highlight the impact of COVID-19 on government budgets, show the links between the battle against IFFs and the efforts to fight COVID-19, and illustrate how the crisis can create new opportunities to gain political support to counter IFFs. Section V demonstrates how the inability of governments to address transnational organized crime, specifically the illegal trade in wildlife, may have inadvertently created an environment conducive to the spread of the COVID-19 virus and how lockdown measures may inadvertently increase IFFs. Section VI shows how combating IFFs can alleviate some of the existing budgetary pressures and offers recommended actions with a particular focus on the needs of developing countries. Section VII offers concluding comments

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Summary: In this article, the authors consider how illicit financial flows (IFFs) affect countries' economic stability and limit their ability to respond to crises like the coronavirus pandemic. While they note that the pandemic may increase IFFs, they also suggest that COVID-19 may provide the impetus for countries to take effective action against a range of financial crimes. The article consists of six sections. Section I offers a brief history of pandemics and civilization's response thereto. Sections II, III, and IV highlight the impact of COVID-19 on government budgets, show the links between the battle against IFFs and the efforts to fight COVID-19, and illustrate how the crisis can create new opportunities to gain political support to counter IFFs. Section V demonstrates how the inability of governments to address transnational organized crime, specifically the illegal trade in wildlife, may have inadvertently created an environment conducive to the spread of the COVID-19 virus and how lockdown measures may inadvertently increase IFFs. Section VI shows how combating IFFs can alleviate some of the existing budgetary pressures and offers recommended actions with a particular focus on the needs of developing countries. Section VII offers concluding comments