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Recent work draws attention to the fragility of domestic tax revenues-a vital resource for the developing world-to illicit financial flows. To cope with two major challenges in the illicit financial flows-tax revenues relationship-related to the mere illicit financial flows measurement and reverse causality-this paper exploits the Financial Action Task Force data using an impact assessment analysis. Estimations reveal a significant tax revenue loss in countries associated with important illicit financial flows with respect to comparable countries without important illicit financial flows. Moreover, this causal effect-estimated as being economically meaningful-is supported by a large robustness section, and in particular remains unchanged when using several "doubly robust" estimators. Lastly, it unveils heterogeneities in the impact of illicit financial flows on tax revenues, related to the type of tax-a significant loss for indirect but not for direct taxes-and the considered environment. Therefore, policies combating illicit financial flows-for example, by developing institutions or a sound financial system, as shown by the estimations-may provide additional tax revenues for the developing world.

Event Analysis --- Finance and Financial Sector Development --- Financial Action Task Force --- Financial Law --- Financial Regulation and Supervision --- Foreign Trade Promotion and Regulation --- Illicit Financial Flows --- International Economics and Trade --- Law and Development --- Tax Revenue

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International cooperation, economic and financial integration, and technological progress have delivered enormous benefits across the globe during the past decades. Yet, in many countries, these benefits have not been shared adequately to prevent eroding trust in institutions and weakening support for the global system that has made these gains possible.

Japan --- Exports and Imports --- Macroeconomics --- Public Finance --- Criminology --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Illegal Behavior and the Enforcement of Law --- Trade Policy --- International Trade Organizations --- Debt --- Debt Management --- Sovereign Debt --- Institutions and the Macroeconomy --- Corporate crime --- white-collar crime --- International economics --- Public finance & taxation --- Integrated Policy Framework --- Illicit financial flows --- Trade tensions --- Public debt --- Structural reforms --- Crime --- International trade --- Macrostructural analysis --- Economic policy --- Money laundering --- Debts, Public

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A comprehensive look at the world of illicit trade Though mankind has traded tangible goods for millennia, recent technology has changed the fundamentals of trade, in both legitimate and illegal economies. In the past three decades, the most advanced forms of illicit trade have broken with all historical precedents and, as Dark Commerce shows, now operate as if on steroids, tied to computers and social media. In this new world of illicit commerce, which benefits states and diverse participants, trade is impersonal and anonymized, and vast profits are made in short periods with limited accountability to sellers, intermediaries, and purchasers.Louise Shelley examines how new technology, communications, and globalization fuel the exponential growth of dangerous forms of illegal trade-the markets for narcotics and child pornography online, the escalation of sex trafficking through web advertisements, and the sale of endangered species for which revenues total in the hundreds of millions of dollars. The illicit economy exacerbates many of the world's destabilizing phenomena: the perpetuation of conflicts, the proliferation of arms and weapons of mass destruction, and environmental degradation and extinction. Shelley explores illicit trade in tangible goods-drugs, human beings, arms, wildlife and timber, fish, antiquities, and ubiquitous counterfeits-and contrasts this with the damaging trade in cyberspace, where intangible commodities cost consumers and organizations billions as they lose identities, bank accounts, access to computer data, and intellectual property.Demonstrating that illicit trade is a business the global community cannot afford to ignore and must work together to address, Dark Commerce considers diverse ways of responding to this increasing challenge.

Advertising. --- Africa. --- Arms industry. --- Auction. --- Backpage. --- Beneficiary. --- Bitcoin. --- Botnet. --- Bribery. --- Business ethics. --- CITES. --- Camorra. --- Child pornography. --- Cigarette smuggling. --- Climate change. --- Cold War. --- Colonialism. --- Commodity. --- Competition. --- Consumer. --- Corruption. --- Counterfeit. --- Credit card. --- Crime. --- Currency. --- Customer. --- Cybercrime. --- Dark web. --- Deforestation. --- Developed country. --- EBay. --- Economic inequality. --- Economy. --- Employment. --- Entrepreneurship. --- Environmental crime. --- Europol. --- Export. --- Facilitator. --- Financial crimes. --- Fraud. --- Funding. --- Global Community. --- Globalization. --- Governance. --- Heroin. --- Human trafficking. --- Illegal drug trade. --- Illegal immigration. --- Illicit financial flows. --- Income. --- Insurgency. --- Intellectual property. --- Ivory trade. --- Latin America. --- Law enforcement. --- Malware. --- Marketing. --- Money laundering. --- Natural resource. --- North Korea. --- Online marketplace. --- Opioid. --- Organized crime. --- Panama Papers. --- Payment system. --- Payment. --- People smuggling. --- Pesticide. --- Piracy. --- Poaching. --- Politician. --- Private sector. --- Prostitution. --- Ransomware. --- Rhinoceros. --- Sex trafficking. --- Sicilian Mafia. --- Slavery. --- Smuggling. --- Supply (economics). --- Supply chain. --- Sustainability. --- Tax evasion. --- Tax. --- Technological revolution. --- Technology. --- Terrorism. --- Theft. --- Trade route. --- Transnational crime. --- Urbanization. --- Vendor. --- Virtual world. --- Volkswagen. --- War. --- Wealth. --- World War II. --- World economy. --- World population. --- Black market. --- Crime and globalization. --- Internet fraud.