From James Boyce’s statement “Capital Flight from Africa: What is to be Done?” to the Joint Session of the UN General Assembly and the Economic & Social Council:
Capital flight and illicit financial flows
The terms ‘capital flight’ and ‘illicit financial flows’ sometimes are used interchangeably,
but they are distinct concepts. Capital flight is usually defined as unrecorded capital
outflows and measured as the missing residual in the balance of payments, after
corrections for underreported external borrowing and trade misinvoicing. All capital
flight is illicit, but not all illicit financial flows are capital flight. Capital flight is illicit by
virtue of illegal acquisition, illegal transfer, illegal holding abroad, or some combination
of the three. Read more: Boyce statement – UNGA-ECOSOC meeting – 23 Oct 2015 – final