A recent background paper by the United Nations Commission for Africa and the High Level Panel on Illicit Financial Flows from Africa has listed Liberia among a number of countries serving as a hub for offshore banking centers used by multinationals for tax havens to set up shell companies that can be used for a variety of tax evasion schemes.
Various international organizations including the United Nations, Global Financial Integrity, the World Bank and others defined Illicit Financial Flow as "money that is illegally earned, transferred, or utilized. Somewhere at its origin, movement, or use, the money broke laws and hence it is considered illicit."
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