Illicit financial flows

Illicit Financial Flows (IFFs) refer to the illegal movement of money across borders, often to evade taxes, avoid regulations, or engage in criminal activities. This includes activities like money laundering, corruption, and tax evasion, where individuals and businesses hide their wealth or profits in foreign accounts or jurisdictions. IFFs can significantly harm economies by depriving governments of revenue needed for public services and development. They undermine financial systems and contribute to inequality, as wealth is hidden away rather than invested in local communities. Addressing IFFs is crucial for promoting transparency and economic fairness globally.