Weak institutions responsible for illegal money flow in many developing, poor countries: Official
Weak institutions are responsible for illegal flow of money in many developing and poor countries, a senior official said on Monday. Addressing an event here, Secretary in the Ministry of External Affairs Dammu Ravi said there is need to reduce over dependence on hard currencies to reduce illegal financial flows.
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«There is a need to address gaps in taxation structure...Weak institutions in many countries are responsible for illegal flow of money,» he noted.
Ravi said Global South countries should develop digital public infrastructure to reduce illegal financial flow.
He also noted that the Covid pandemic has contributed to indebtedness of several countries, which makes case of reforms in multilateral development institutions more strong.
Referring to Brazil's proposal of a two per cent wealth tax on dollar billionaires, Ravi said, «All countries will have to come on board on this proposal as you require a collective effort».
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