Q.3 What are the consequences of illicit financial flows to the economies? What are the challenges in curbing illicit financial flows? (10 Marks)

Mentor’s comment- https://www.thehindu.com/opinion/lead/taking-the-lid-off-illicit-financial-flows/article36974015.ece In the intro, mention the recent publication of Pandora Papers exposing once again the illegal activities of the rich across the world. In the body, mention the effects of illicit financial flows like impact on government revenue due to tax evasion, lowering of tax rates by the governments to attract the capital … Continue reading Q.3 What are the consequences of illicit financial flows to the economies? What are the challenges in curbing illicit financial flows? (10 Marks)