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Discussion Points:

Conference On Improving Domestic Resource Mobilization (DRM) and Stemming Illicit Financial Flows (IFFs) 12th-15 th March 2019, Nairobi Kenya Presented by Justine Bagyenda ; on 14 th March 2019. Discussion Points:. Illicit Financial Flows (IFFs) - Why Definitions Matter Dangers of IFFs

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Discussion Points:

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  1. Conference On Improving Domestic Resource Mobilization (DRM) and Stemming Illicit Financial Flows (IFFs) 12th-15th March 2019, Nairobi KenyaPresented by Justine Bagyenda ; on 14th March 2019

  2. Discussion Points: • Illicit Financial Flows (IFFs) - Why Definitions Matter • Dangers of IFFs • National Risk Assessments (NRA) • National Co-operation • International Co-operation • Role of Churches in Stemming IFFs

  3. Illicit Financial Flows -Why Definitions Matter SOURCE: Pinning Down Illicit Financial Flows: Why Definitions Matter Center for Global Development Figure 1. Core concept of illicit financial flows. https://www.cgdev.org/blog/pinning-down-illicit-financial-flows-why-definitions-matter

  4. Dangers of IFFS IFFs can; • Drain foreign exchange Reserves • Lower tax receipts and reduce government revenues • Cut the capital available for private investment • Encourage criminal activity undermining the rule of law and political stability of a country

  5. National Risk Assessments(NRA) IFFs are difficult to measure given their illegality and the type of activities that underlie them. However, NRA would enhance a country’s collective understanding of the risks because it: • Focuses on all offences that generate illegal proceeds, including corruption, tax evasion, organized crime, environmental crime and helps countries understand the extent of their exposure to many of the activities that give rise to IFFs • Provides the application of appropriate control measures to mitigate the risks Therefore formal co-operation of Domestic regulators through MOUs is key. The World Bank has developed an advisory package to guide countries in conducting their NRA

  6. National Co-operation Domestic Regulators /Law Enforcement Agencies

  7. International Co-operation Both formal and informal information sharing is key in stemming IFFs

  8. Role of the Churches in Stemming IFFs • Know your Customers (register for all parishioners) • Financial Literacy Programs • Financial Integrity (governance and corruption) • Churches must make sure that their tax and trade practices, if any, comply with local laws. • Establish ethics and compliance programs for parishioners • Play a role as advocates to increase transparency around revenues and expenditure (the powerof the pulpit)

  9. References • The IMF and the Fight Against Illicit Financial Flows: https://www.imf.org/en/About/Factsheets/Sheets/2018/10/07/imf-and-the-fight-against-illicit-financial-flows • Illicit Financial Flows (IFFs) : http://www.worldbank.org/en/topic/financialsector/brief/illicit-financial-flows-iffs • Illicit Financial Flows : https://www.gfintegrity.org/issue/illicit-financial-flows/ • Combating illicit financial flows worldwide: https://www.giz.de/en/worldwide/39748.html

  10. Questions, Comments

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