Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime.
Kleptocracy, also referred to as thievocracy, is a government whose corrupt leaders (kleptocrats) use political power to expropriate the wealth of the people and land they govern, typically by embezzling or misappropriating government funds at the expense of the wider population. One feature of political-based socioeconomic thievery is that there is often no public announcement explaining or apologizing for misappropriations, nor any legal charges or punishment levied against the offenders.
The illegal drug trade or drug trafficking is a global black market dedicated to the cultivation, manufacture, distribution and sale of prohibited drugs. Most jurisdictions prohibit trade, except under license, of many types of drugs through the use of drug prohibition laws. The think tank Global Financial Integrity's Transnational Crime and the Developing World report estimates the size of the global illicit drug market between US$426 and US$652 billion in 2014 alone. With a world GDP of US$78 trillion in the same year, the illegal drug trade may be estimated as nearly 1% of total global trade. Consumption of illegal drugs is widespread globally and it remains very difficult for local authorities to reduce the rates of drug consumption.
An offshore bank is a bank that is operated and regulated under international banking license, which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high.
Capital flight, in economics, occurs when assets or money rapidly flow out of a country, due to an event of economic consequence or as the result of a political event such as regime change or economic globalization. Such events could be an increase in taxes on capital or capital holders or the government of the country defaulting on its debt that disturbs investors and causes them to lower their valuation of the assets in that country, or otherwise to lose confidence in its economic strength.
The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest. In 2001, its mandate was expanded to include terrorism financing.
Eurodad is a network of 53 non-governmental organisations and seven statutory allies from 29 European countries. Eurodad and its members make up a network, this network researches and works on issues that are related to debt, development finance and poverty reduction.
The Center for International Policy (CIP) is a non-profit foreign policy research and advocacy think tank with offices in Washington, D.C., and New York City. It was founded in 1975 in response to the Vietnam War. The Center describes its mission as promoting "cooperation, transparency and accountability in global relations. Through research and advocacy, our programs address the most urgent threats to our planet: war, corruption, inequality and climate change."
The chief compliance officer (CCO) is a corporate executive within the C-suite responsible for overseeing and managing regulatory compliance issues within an organization. The CCO typically reports to the chief executive officer or the chief legal officer.
Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property to one's own personal use and benefit. Financial crimes may involve fraud ; theft; scams or confidence tricks; tax evasion; bribery; sedition; embezzlement; identity theft; money laundering; and forgery and counterfeiting, including the production of counterfeit money and consumer goods.
Corruption in India is an issue which affects economy of central, state, and local government agencies. Corruption is blamed for stunting the economy of India. A study conducted by Transparency International in 2005 recorded that more than 62% of Indians had at some point or another paid a bribe to a public official to get a job done. In 2008, another report showed that about 50% of Indians had first hand experience of paying bribes or using contacts to get services performed by public offices. In Transparency International's 2022 Corruption Perceptions Index, which scored 180 countries on a scale from 0 to 100, India scored 40. When ranked by score, India ranked 85th among the 180 countries in the Index, where the country ranked first is perceived to have the most honest public sector. For comparison, the best score was 90, the worst score was 12, and the average score was 43. Various factors contribute to corruption, including officials siphoning money from government social welfare schemes. Examples include the Mahatma Gandhi National Rural Employment Guarantee Act and the National Rural Health Mission. Other areas of corruption include India's trucking industry, which is forced to pay billions of rupees in bribes annually to numerous regulatory and police stops on interstate highways.
Illicit financial flows, in economics, are a form of illegal capital flight that occurs when money is illegally earned, transferred, or spent. This money is intended to disappear from any record in the country of origin, and earnings on the stock of illicit financial flows outside a country generally do not return to the country of origin.
The Task Force on Financial Integrity and Economic Development was a unique global coalition of civil society organizations and governments launched in 2009 to address inequalities in the financial system that penalize billions of people. The Task Force was renamed the Financial Transparency Coalition in May 2013.
An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy."
The Financial Secrecy Index (FSI) is a report published by the controversial advocacy organization Tax Justice Network (TJN) which ranks countries by financial secrecy indicators, weighted by the economic flows of each country.
The Sharif family is a Pakistani political family based in Lahore, Punjab. They belong to the Bhat Kashmiri tribe, which is a large community living in many districts of Punjab. The family uses the title of Mian.
Financial market theory of development is an economic theory to use private flows of capital in new stock markets to encourage domestic economic development in developing countries. The theory was put forward by the World Bank's World Development Report for 2000.
The Financial Transparency Coalition is a group that brings together civil society and governments around the world to stem illicit financial flows that are costing developing countries nearly a trillion dollars each year. The Coalition was formerly known as the Task Force on Financial Integrity and Economic Development.
Irene Ovonji-Odida is a Ugandan lawyer, politician, and women's rights activist. A member of the Uganda Law Reform Commission, she contributed to the writing of the 1995 Ugandan Constitution and helped to shape the East African Community. She has worked for various charities including ActionAid and carried out election monitoring in Uganda and Tanzania. She was an elected member of the East African Legislative Assembly from 2001 to 2006.
The Basel Institute on Governance is an independent, international non-profit organisation dedicated to preventing and combating corruption and other financial crimes and to strengthening governance around the world. The organisation was established in Basel, Switzerland in 2003 by Professor Mark Pieth.
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