The potential of UNCAC to combat illicit financial flows
Can you please outline how the UNCAC framework can be utilised at the global, regional and national levels for combating the illicit outflow of assets obtained through corrupt and other criminal acts (i.e. bribery, fraud, embezzlement, tax evasion, money-laundering)? Please pay particular regard to the recent US Dodd-Frank Act that has highlighted how a national anti-corruption response to an international problem can also impact upon other countries’ national responses.
Both developed and developing countries need to implement policies to fight corruption and illicit financial outflows, putting special emphasis on addressing mechanisms that allow banks and financial centres to facilitate the absorption of these flows. UNCAC has the potential to address these various dimensions through its extensive preventive measures, designed to prevent corruption from occurring in the first place, and illicit flows from being generated and through its anti-money laundering measures.
Chene, M. The potential of UNCAC to combat illicit financial flows. U4 Anti-Corruption Resource Centre, CMI, Bergen, Norway (2011) 12 pp. [U4 Expert Answer 276]