Global Financial Integrity

Illicit Financial Flows and their Impact on Development

Convened by the Government of Norway

Remarks by Raymond W. Baker
United Nations
New York

Secretary Stenhammer, Ambassador Lovald, Eva Joly, David Spencer, ladies, and gentlemen. Thank you very much for convening this opportunity to discuss cross-border illicit financial flows and their impact on development.

2007 marks the 46^th year of my involvement in the developing countries. I lived 15 years in Nigeria and over more than 30 additional years have now done business or research in some 60 developing and transitional economies. Across these years I have become a critic of corruption and poor governance and weak institutions in many countries. Having said this, I have become an even stronger critic of our—the West’s—facilitating role in corruption, poor governance, and weak institutions in many poorer countries. This has been the driving force of my interest for years.

Global Financial Integrity Applauds World Bank Study on Illicit Financial Flows

WASHINGTON, DC – Global Financial Integrity (GFI) welcomes the World Bank’s pending study on illicit financial flows out of developing countries and thanks the Norwegian government for its important contributions to this research.  GFI has been the leading organization calling for such a study, most recently at a conference titled “Illicit Financial Flows: The Missing Link in Development” held on June 28.