During its 2014 Annual Meetings, the World Bank Group convened a public forum on illicit financial flows with high-profile speakers from Bangladesh, Denmark and Norway, as well as the Washington, D.C.-based research and advocacy organization Global Financial Integrity. The speakers at the forum stressed the need for a higher pace and a broader range of actions to curb the negative impact of illicit financial flows on sustainable development.

Program Agenda | Speaker Bios | Event Transcript | World Bank Live

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At the forum, Raymond Baker, President of Global Financial Integrity (GFI), and Nena Stoiljkovic, Global Practices Vice President of the World Bank Group (WBG), underscored the detrimental effect of IFFs on development: draining of hard currency reserves, heightened inflation, reduced tax collection, curtailed investment, undermining of free trade, limits on poverty alleviation and complicated security concerns.