“They (illicit flows) go out as profit or whatever, but they are not well-recorded or the officials of the countries, they really don't know that these flows are illicit. So we've taken the position that the taxing rights in a country should be based on significant economic presence...,” she noted.
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“So yes, that’s a big issue. If a continent is losing $100 billion as a negative flow outside, that is $100 billion that is not available to pursue infrastructure projects, to develop schools, health facilities, and meet both sustainable and climate goals. So that’s an important issue,” Ms Masha said.
Individuals and entities that perpetrate illicit finance divert resources from public spending and cut into the capital available for private investment while such flows can encourage criminal activity, undermine the rule of law, erode trust in public institutions, and threaten political stability.
For Latin America, she noted that they have an organisation while African countries have ATAF, which is Africa Tax Administration Forum. These organisations do a lot to train the tax officers in member countries on how to recognize some of these illicit flows and how to be able to negotiate better for their countries, she noted.
“And what that means is that, I mean, it’s not just that, ‘oh, this particular asset or bank account is registered in the name of a company’. That’s not enough. The ultimate beneficial owners, who will be the beneficiaries, are the ones that will be on record.
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