Driven Out of Paradise: Illicit Financial Flows and Offshore Leaks

Abstract

Illicit financial flows and recent offshore leaks constitute the topic of this article. As regards illicit financial flows, the focus is on two countries: Switzerland as an example of a country from the North, and South Africa as an example of a country from the South. The text is structured as follows. First, the concept and scale of illicit financial flows are discussed, as well as the problems related to them. Thereafter, illicit financial flows and their impact are examined from a North-South perspective. The next part looks at the responsibilities and strategies of countries of the North and of the South when it comes to tackling illicit financial flows. Finally, the role of offshore financial centres and selected issues arising from recent offshore leaks are addressed. The conclusion then tries to pull the threads of the discussion together.