Academic journal article Journal of International Affairs

Draining Development? Controlling Flows of Illicit Funds from Developing Countries

Academic journal article Journal of International Affairs

Draining Development? Controlling Flows of Illicit Funds from Developing Countries

Article excerpt

DRAINING DEVELOPMENT? CONTROLLING FLOWS OF ILLICIT FUNDS FROM DEVELOPING COUNTRIES

Peter Reuter, editor. (Washington, DC: World Bank, 2012), 531 pages.

News breaks that a developing nation's budget seems to contain statistical anomalies, with large funds reported missing or unaccounted for. The government's official position is inconsistent, and high-ranking officials are suspected of corruption. The international community takes notice but lacks the mechanisms required for corrective justice. The country and its people limp towards progress. Even if this is a story all too familiar in the back pages of the Wall Street Journal it is still a phenomenon that has received too little academic attention.

Draining Development? seeks to fill this void by representing a significant collection of analytic papers on illicit financial flows. Commissioned by the World Bank at the request of the Norwegian government and edited by Peter Reuter, the book compiles new empirical and conceptual insights on the composition of illicit monetary flows, the processes that generate them, the sustaining and facilitating role played by tax havens, and the effectiveness of attempts made at prevention and recovery. …

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