Illicit Financial Flows, Sovereign Debt, and Human Rights

2018 ◽  
pp. 317-336
Author(s):  
Cephas Lumina ◽  
Mulesa Lumina
Keyword(s):  
Sustainable Development ◽  
Human Rights ◽  
Sovereign Debt ◽  
Poverty Reduction ◽  
External Debt ◽  
Legal Framework ◽  
Financial Flows ◽  
Illicit Financial Flows ◽  
External Borrowing ◽  
The Impact

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.

Curbing ‘Vulture Fund’ Litigation

2018 ◽  
pp. 498-513
Author(s):  
Cephas Lumina
Keyword(s):  
Developing Countries ◽  
Human Rights ◽  
Sovereign Debt ◽  
Legal Framework ◽  
Sovereign Immunity ◽  
Debt Restructuring ◽  
Predatory Behaviour ◽  
International Debt ◽  
Full Face ◽  
The Impact

The lack of an international legal framework for the restructuring of sovereign debt, and the voluntary nature of current international debt restructuring initiatives have created opportunities for predatory private commercial entities—called ‘vulture funds’—to acquire defaulted sovereign debts at substantial discounts, refuse to participate in debt restructurings and aggressively pursue repayment of the full face value of the debt through litigation, often in multiple jurisdictions. This chapter discusses current official initiatives designed to curb vulture fund litigation and proposes a rethink of the doctrine of sovereign immunity as a key measure to curb the predatory behaviour of ‘vulture funds’. It also discusses the impact of the activities of these 'vulture funds’ on the realisation of human rights, particularly in developing countries, as well other consequences for the countries targeted by ‘vulture funds’

Tax-related illicit financial flows and human rights

2018 ◽  
Vol 25 (3) ◽  
pp. 750-769 ◽  
Author(s):  
Juan Pablo Bohoslavsky
Keyword(s):  
Sustainable Development ◽  
Human Rights ◽  
Tax Evasion ◽  
Sustainable Development Goals ◽  
Financial Flows ◽  
Content Type ◽  
The Sustainable Development ◽  
Multidimensional Complex ◽  
Development Goals ◽  
Illicit Financial Flows

Purpose This paper aims to discuss the tax-related illicit financial flows from a human rights perspective. It argues that curbing illicit financial flows, and specifically tax abuse, is essential not only for realizing human rights but also for achieving the sustainable development goals. It provides definitions of tax evasion and avoidance, as well as estimations of illicit financial flows. It studies the tax abuse implications for human rights and sustainable development, as well as the obligations in the field of human rights and tax abuse. It also critically assesses the recent international initiatives aim at curbing illicit financial flows. It concludes with a set of recommendations on how to curb illicit financial flows. Design/methodology/approach This paper combines economic, legal and policy perspectives to study the multidimensional, complex and global problem of illicit financial flows. It not only proposes an explanation of the volume, roots and economic, social and human rights implications of illicit financial flows but it also proposes reforms that states and other stakeholders need to implement in order to curb this phenomenon. Findings Combating tax abuse and illicit financial flows more broadly, is essential to make better progress in realizing international human rights obligations. The inclusion of a specific target to reduce illicit financial flows under the sustainable development goals makes clear that curbing such flows is also essential for creating an enabling environment for sustainable development. While we should applaud that reducing illicit financial flows is mentioned in one of the targets of the sustainable development goals, the target remains broad and vague. Specific measures to operationalize this target are needed to ensure that progress is achieved and that such progress can be tracked and measured. The author presents recommendations for discussion. To promote accountability, the recommendations are addressed to specific stakeholders. Originality/value This paper tries to contribute to improve our knowledge and understanding of illicit financial flows and tax abuse more specifically at global level and their implications for human rights, to make the need for change more compelling, as well as to stimulate the debate around reforms that need to be implemented to curb illicit financial flows.

Financial literacy and sustainable development in the digital age (legal dimension)

2021 ◽  
Author(s):  
Natal'ya Povetkina ◽  
Ekaterina Kudryashova
Keyword(s):  
Sustainable Development ◽  
Human Rights ◽  
Financial Literacy ◽  
Law And Economics ◽  
Digital Age ◽  
Practical Approach ◽  
Digital Revolution ◽  
Municipal Employees ◽  
The Impact ◽  
Legal Identification

The work is aimed at forming a systematic theoretical and practical approach to the development of financial literacy in the format of sustainable development in the age of the digital revolution. The authors address the current issues of the evolution of the development and legal identification of financial literacy, consider it in the context of human rights and sustainable development of the state. Special attention is paid to the analysis of the impact of financial literacy on the successful fight against poverty. For researchers, practicing lawyers and economists, state and municipal employees, teachers, postgraduates, students of law and economics universities and faculties.

scholarly journals Poverty Eradication in Nigeria: A Focus on National Poverty Eradication Programme in Abia State, 2001- 2013

2018 ◽  
Vol 14 (5) ◽  
pp. 105
Author(s):  
Greene Ifeanyi Eleagu
Keyword(s):  
Poverty Reduction ◽  
Youth Unemployment ◽  
Poverty Line ◽  
Poverty Eradication ◽  
Eradication Programme ◽  
Financial Flows ◽  
Long Time ◽  
Broad Objective ◽  
The Impact ◽  
Huge Challenge

Poverty has been a huge challenge to Nigeria for a long time as majority of Nigerians live below poverty line. Successive civilian and military governments in Nigeria agreed on the need to eradicate or alleviate this ugly situation. In an attempt to ameliorate the situation, they introduced a number of schemes and programmes. The apparent failure of the various schemes and programmes and the resultant citizen discontent led to the creation of the National Poverty Eradication Programme, NAPEP, in all the states of the federation and the Federal Capital Territory. The broad objective of the study was to empirically evaluate the impact of NAPEP towards poverty eradication in Abia state, through the provision of youth employment. The structuralfunctionalist theory was adopted with an interrogation of relevant documents on financial flows, projects and programmes. The findings suggest that youth unemployment was pervasive. Again, the poverty reduction or alleviation efforts were fraught with corruption. To correct these, the work recommended disbursing monies to beneficiaries through banks. It also suggested, among others, that future efforts should be rural-centred, instead of urban-centred.

scholarly journals Economic and non-economic values and objectives in the EU’s international trade: Normative tensions, actors and processes

2019 ◽  
Author(s):  
Urszula Jaremba ◽  
Machiko Kanetake ◽  
Ingrid Koning
Keyword(s):  
Sustainable Development ◽  
Human Rights ◽  
New Technologies ◽  
Economic Values ◽  
Trade Relations ◽  
Trade Law ◽  
Law And Policy ◽  
Recent Developments ◽  
The One ◽  
The Impact

This Europe and the World: A law review special issue comprises selected papers presented at a RENFORCE workshop on the theme of tensions between the EU’s trade and non-economic values, held at Utrecht University in November 2017. The symposium addresses normative dilemmas underlying the EU’s trade law and policy. Normative dilemmas subsist between, on the one hand, the EU’s basic pursuit of its commercial interests and trade liberalization, and, on the other hand, the EU’s mandate to promote and safeguard a number of non-economic values, including human rights and sustainable development. The journal symposium aims to unveil normative tensions existing in the EU’s trade and investment policy, and understand some of the key actors and processes through which normative tensions are created and also mitigated. While the tensions between economic and non-economic values in the EU’s trade law and policy have been extensively discussed in literature, the present symposium highlights some of the recent developments in the EU’s trade relations, analyses not only human rights but also sustainable development, and examines the impact of new technologies.

scholarly journals Remedies to Illicit Financial Flows from Transfer Pricing of Services and Hosting Intellectual Property in Kenya

2017 ◽  
Vol 3 (1) ◽  
pp. 113-130
Author(s):  
Charles Gordema
Keyword(s):  
Transfer Pricing ◽  
Primary Concern ◽  
Financial Flows ◽  
Taxable Income ◽  
Global Corporation ◽  
Intellectual Assets ◽  
Global Corporations ◽  
Illicit Financial Flows ◽  
The Impact ◽  
Pricing Of Services

Numerous reports in the last decade have focused on the challenges to African economies that emanate from the illicit transfers of funds and other valuable assets within some global corporations. A primary concern is the impact of these transfers on the taxable income of African subsidiaries. Two broad categories of intra-group transfers are of particular interest, partly because of the complexities they raise. One comprises transfers in payment of services exchanged among associated enterprises, while the other pertains to transfers by subsidiaries in payment of the value of intellectual assets attributed to the corporate centre of the global corporation. This article highlights the challenges raised by these transfers through case studies. It examines possible mechanisms to mitigate the challenges, drawing attention to current and impending developments. It concludes that there are good prospects for curbing illicit transfers linked to the examined types of transactions.

Legal Protection of Children in Non-International Armed Conflicts in Nigeria

2021 ◽  
pp. 1-27
Author(s):  
Olaitan Oluwaseyi Olusegun
Keyword(s):  
Human Rights ◽  
International Law ◽  
Armed Conflict ◽  
Legal Protection ◽  
Legal Framework ◽  
Armed Conflicts ◽  
Conflict Situations ◽  
Legal Frameworks ◽  
The Impact ◽  
Domestic Law

Abstract Armed conflicts are characterised by violence and human rights violations with various implications on the citizens, economy and development of nations. The impact is however more pronounced with life-long consequences on children, the most vulnerable members of the society. This article examines the impact of non-international armed conflicts on children in Nigeria and identifies the laws for the protection of children against armed conflicts, both in international law and Nigeria’s domestic law. It also addresses the challenges involved in the protection of children in armed conflict situations in Nigeria. The study found that legal efforts to protect children have not been given sufficient attention in Nigeria. This is mostly due to various challenges including the fragmentation of legal framework and the refusal to domesticate relevant treaties. It is thus recommended that these challenges be addressed through the implementation of effective legal frameworks.

Development and Economy in Mongolia through a Human Rights Law Lens

2021 ◽  
Vol 22 (2) ◽  
pp. 186-221
Author(s):  
Juan Pablo Bohoslavsky
Keyword(s):  
Human Rights ◽  
Foreign Direct Investments ◽  
International Human Rights Law ◽  
Human Rights Law ◽  
Macroeconomic Policies ◽  
Financial Flows ◽  
Environmental Impact Assessments ◽  
Mining Projects ◽  
Mineral Rents ◽  
The Impact

Abstract This article studies the Mongolian economic and development policies implemented in recent years until March 2020, including its revenue matrix sustainability, from an international human rights law perspective. Policy and legal recommendations for discussion are also presented. Based on a United Nations mission the author conducted to Mongolia in 2019, this country study examines the macroeconomic policies, including debt issues, from a human rights perspective; the extent to which mineral rents are translated into inclusive and comprehensive social and environmental policies, focusing on the mining project Oyu Tolgoi; the impact of illicit financial flows on human rights; and the effects of lending for infrastructure and mining projects and other foreign direct investments. The study concludes that economic diversification and conducting effective gender-sensitive, participatory human rights and environmental impact assessments of economic reforms and mining and infrastructure projects are the main challenges Mongolia faces.

How Countries Should Share Tax Information

2019 ◽  
pp. 303-322
Author(s):  
Arthur J. Cockfield
Keyword(s):  
Human Rights ◽  
Transaction Costs ◽  
Tax Evasion ◽  
Academic Support ◽  
Tax Planning ◽  
High Quality ◽  
Financial Flows ◽  
Optimal Outcomes ◽  
Illicit Financial Flows ◽  
International Tax

This chapter looks at exchange of information (EOI) policies, proposing several ways to make EOI policies fairer and more efficient, so as to maximize their potential to reduce illicit financial flows and curb abusive tax practices that undermine human rights. While there appears increasing policy and academic support for EOI initiatives that promote global financial transparency, the current international tax regime, with its high transaction costs for taxpayers and tax authorities, does not seem particularly amenable to producing optimal outcomes. The chapter then emphasizes how, to promote enforceability, the ideal EOI system delivers high-quality tax information while providing needed legal protections for taxpayer privacy. The exchange and usage of high-quality tax information would reduce transaction costs for tax authorities as they could more readily identify taxpayers engaged in offshore tax evasion and aggressive international tax planning.

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