In co-operation with Policy Forum, the Financial Transparency Coalition successfully hosted its annual conference in Dar es Salaam, Tanzania from October 1-2, 2013. The conference, Towards Transparency: Making the Global Financial System Work for Development, focused on addressing the problem of illicit financial flows, and how this illicit money, often gained through corruption, illegal activities, or tax evasion, could be better used to foster growth and development.
Every year, developing countries lose around $1 trillion per year to illicit financial flows, which are the proceeds of tax evasion, crime, and corruption. They undermine accountable government, enable organized crime on a massive scale, and make it more difficult for governments to provide basic services. Illicit financial outflows dwarf foreign aid, and represent one of the biggest impediments to development in Africa.
The conference addressed how to increase global financial transparency and bolster equitable economic development. Conference speakers and participants discussed the mechanisms of illicit financial flows and how the current system enables the movement of illegal money around the globe. Presentations throughout the two days examined the links between illicit financial flows and extractive industries, conflict and instability, illicit wildlife, the illegal arms trade, and more. Participants also discussed current proposals for greater financial transparency.