Illicit Capital Flow in Contemporary Economies’ Development

Guzikova, Liudmila; Lukevich, Igor

doi:10.35678/2539-5645.1(8).2018.29-39

Cited by 3 publications

(3 citation statements)

References 1 publication

(1 reference statement)

Supporting

Mentioning

Contrasting

Order By: Relevance

“…As a result, illicit financial flows (IFFs) from developing countries to developed countries came to 1.1 trillion annually. The leading players in IFFs are international banks, corporate legal structures and real estate to keep the illicit gains out of law enforcers’ sight and reach (Hoinaru, 2017; Ortega et al , 2018; Forstater, 2018; Miyandazi and Ronceray, 2018; Guzikova and Lukevich, 2018; Jorge, 2018).…”

Section: Introductionmentioning

confidence: 99%

Challenges faced by financial institutes before onboarding politically exposed persons in undocumented Eastern economies: a case study of Pakistan

Sultan

Mohamed

2022

JMLC

View full text Add to dashboard Cite

PurposeThis study aims to evaluate and investigate the existing process of establishing a banking relationship with politically exposed persons.Design/methodology/approachThis study used qualitative techniques of semi-structured interviews with senior compliance officers of financial institutes in Pakistan.FindingsThis study found that the existing mechanism of identification and verification of politically exposed persons (PEPs) is ineffective. Financial institutes face challenges like the quality of name screening data sets, cost of identification and verification, role and control of the regulator, the influence of politically exposed persons, the opaqueness of laws and international connections of the politically exposed persons. Further, financial Institutes are burdened by regulators to perform robust PEP customer due diligence but do not guide and provide the right tools.Originality/valueThis paper aims to find challenges faced by financial institutes before onboarding the PEPs. Further, very limited studies on this topic have been conducted in Pakistani context.

show abstract

Section: Introductionmentioning

confidence: 99%

Challenges faced by financial institutes before onboarding politically exposed persons in undocumented Eastern economies: a case study of Pakistan

Sultan

Mohamed

2022

JMLC

View full text Add to dashboard Cite

show abstract

“…However, they are distinguished as certain factors and a grouping is not made that allows them to be attributed to some kind of autoregulator In general, in these studies, the definition of these indicators as auto-regulators of the development of housing market financing was not carried out. Although this is an important direction in the light of a systematic approach, which increases the effectiveness of financing in general [16].…”

Section: Introductionmentioning

confidence: 99%

Autoregulators in the housing market financing system: a structurally functional approach

Ushakov

Ermilova

2020

E3S Web Conf.

View full text Add to dashboard Cite

The housing market is one of the most important segments of the economy of any country. As part of the study, it is shown that it is not enough to consider the housing market financing system only in the organizational and structural aspect. The application of a structurally functional approach is essential, which will improve the efficiency of market financing. The author determines the need for the formation of auto-regulators that can reduce the need for manual control of the economy of the housing complex and the state, which is especially important in the modern economic system. The study identified such auto-regulators as the inclusion of borrowers in the quality management system and the usefulness of housing finance; organization of interaction of market and state financing based on the principles of public-private partnership; the need for a system of indicators to assess the development of the Russian housing market, improving the information support of financial markets; the formation of an open system for monitoring the status of the housing market financing system.

show abstract

“…Illicit financial flows from developing countries are estimated to have reached US$1.1tn annually (Hoinaru, 2017; Ortega et al , 2017; Forstater, 2018; Miyandazi and Ronceray, 2018; Guzikova and Lukevich, 2018); corruption and criminal activities only account for 35% of illicit flows, whereas commercial transactions by multinational companies make up the balance of 65% of illicit flows globally (Ortega et al , 2017; Guzikova and Lukevich, 2018; Gathii, 2019). In line with this trend, the Global Financial Integrity (GFI) reported the continuous movement of illicit flows to and from 148 developing and emerging market nations globally was because of the involvement of these nations in different trades with developed economies (GFI, 2017; Guzikova and Lukevich, 2018; GFI, 2019). So, what are these illicit flows?…”

Section: Introductionmentioning

confidence: 99%

Strategies for preventing illicit financial flows in developing countries

Ibrahim

Abu

Mohammed

2020

JMLC

View full text Add to dashboard Cite

Purpose This paper aims to critically review the strategies for prevention of illicit financial flows to and from developing countries with a view of ascertaining the most effective strategies to be selected and implemented by developing countries to stem the scourge. Design/methodology/approach The peer-reviewed journal articles were studied; those that discussed illicit financial flows were selected and reviewed critically using the systematic quantitative assessment techniques together with an output table. Findings The critical review deduced that enacting effective trade laws, trade regulations, creating a beneficial ownership registry, multinational companies disclosing information on business, automatic exchange of information on tax issues, the Financial Action Task Force 40 guidelines on anti-money laundering and countering financing of terrorism and domestic and international cooperation are the most reliable strategies that should be implemented by developing countries. Research limitations/implications The wide geographic scope of developing countries, use of only high-quality databases that restricted the use of other articles and use of public sector perspective are the limitations for this paper. Originality/value This study is amongst the limited works to discuss the most reliable and effective strategies to prevent illicit financial flows in developing countries.

show abstract

Illicit Capital Flow in Contemporary Economies’ Development

Cited by 3 publications

References 1 publication

Challenges faced by financial institutes before onboarding politically exposed persons in undocumented Eastern economies: a case study of Pakistan

Challenges faced by financial institutes before onboarding politically exposed persons in undocumented Eastern economies: a case study of Pakistan

Autoregulators in the housing market financing system: a structurally functional approach

Strategies for preventing illicit financial flows in developing countries

Contact Info

Product

Resources

About