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Illicit Financial Flows

The Financing for Development outcomes all stress the importance of improving national tax systems and enhancing revenue. Both Monterrey Consensus and Doha Declaration address the question of return of stolen assets. Doha also notes that “it is vital to address the problem of illicit financial flows, especially money laundering.” The Addis Agenda takes this call a step further by outlining a range of actions and commitments in relation to illicit financial flows (IFFs), including a commitment to redouble efforts to substantially reduce IFFs by 2030, with a view to eventually eliminating them. The Addis Agenda also commits Member States to eliminate safe havens that create incentives for IFFs and for the transfer abroad of stolen assets. It invites international institutions to publish estimates of the volume and composition of illicit financial flows. The Inter-agency Task Force on Financing for Development is mandated to follow-up on these commitments, and is further mandated by General Assembly resolution A/RES/71/213 to analyse the issue.