draining development.pdf - Khazar University

AGROWING CONCERN AMONG THOSE INTERESTED IN ECONOMICdevelopment is the realization that hundreds of billions of dollars areunlawfully flowing out of developing countries to tax havens andother financial centers in the developed world. These flows of illicit money,much of which is generated by corruption and tax evasion, dramaticallyreduces the effectiveness of foreign aid and robs countries of domesticfunds for investment. What causes these massive, illegal outflows fromdeveloping countries, what are their consequences, and how might they becontrolled? Draining Development? provides the first collection of analyticcontributions on illicit financial flows. It assesses what is known about thecomposition of these flows, the processes that generate them, the role oftax havens in facilitating them, and the effectiveness of programs aimed ateither preventing the flows or locating and recouping them once they haveleft. Drawing on the expertise of prominent criminologists, lawyers, andeconomists, the volume will be a valuable resource for anyone wishing tobetter grasp this rapidly growing, but poorly understood, phenomenon.“There are few problems of global importance that are as analyticallymuddled as money laundering. This book is a major step in clarifying ourthinking, and the insights it offers will become an obligatory reference foranyone interested in the causes and consequences of the illicit flow of fundsfrom developing countries and the options to curb them.”—MOISÉS NAÍMSenior Associate, Carnegie Endowment for International PeaceAuthor of Illicit: How Smugglers, Traffickers and Copycats Are Hijacking the Global Economy.“This book is a must for anyone who is interested in development economicsand why poor countries continue to stay poor.”—PROFESSOR GUTTORM SCHJELDERUPChair of the Norwegian Government Commission on Capital Flight from Poor Countries.ISBN: 978-0-8213-8869-3SKU: 18869