Large illegal and opaque transfers of capital can have a major impact on the economic stability of a country and the broader global financial system. For example, they can drain foreign exchange reserves, lower tax receipts and reduce government revenue. Over the last two decades, IFFs have been the focus of increasing global concern and the IMF has been playing a key role in international efforts to combat these opaque and often destabilizing transfers of capital. This session will present the latest developments in staff’s work on this topic, including from an AML/CFT, tax and statistics perspectives.
