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Sovereign Debt and Human Rights$
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Ilias Bantekas and Cephas Lumina

Print publication date: 2018

Print ISBN-13: 9780198810445

Published to Oxford Scholarship Online: January 2019

DOI: 10.1093/oso/9780198810445.001.0001

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Illicit Financial Flows, Sovereign Debt, and Human Rights

Illicit Financial Flows, Sovereign Debt, and Human Rights

Chapter:
(p.317) 17 Illicit Financial Flows, Sovereign Debt, and Human Rights
Source:
Sovereign Debt and Human Rights
Author(s):

Cephas Lumina

Mulesa Lumina

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198810445.003.0018

In recent years, there has been increasing attention to the problem of illicit financial outflows—broadly defined as funds that are illegally earned, transferred and utilized outside the country of origin in contravention of that country’s relevant legal framework. Illicit financial outflows divert resources away from activities that are essential for poverty reduction, sustainable development and the realisation of all human rights. They also contribute to the accumulation of external debt as governments that lack domestic resources as a result of these flows may resort to costly external borrowing. This chapter examines the nature of illicit financial flows, the factors that facilitate them and the measures taken by states, individually and collectively, to tackle them. It also discusses the impact of these flows on the realisation of human rights in the countries of origin and proposes concrete measures by which to curb illicit financial flows.

Keywords:   Illicit financial flows, human rights, tax evasion, trade misinvoicing, maximum available resources, corruption, rule of law, sovereign debt, extra-territorial obligations

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