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How governments can work with automation and AI
December 13, 2022 @ 2:30 pm
Dec 13, 2022, 02:30 PM in London
Governments around the world are missing out on billions of dollars of revenue that would otherwise be available to fund vital public services. The money is lost through problems, from corruption and tax evasion to terrorism.
The cash lost leaves a dent in the public finances and – at a time when many governments are facing fiscal constraints following the coronavirus pandemic – tackling the flow of dark money has never been more vital. According to the United Nations Conference on Trade and Development (UNCTAD), money moved illegally from developing countries erodes their already limited financial resources to invest in the public services needed to recover sustainably. In Africa, for example, UNCTAD estimates that some countries with large flows of illicit finance spend on average 25% less on health and 58% less on education compared with countries with lower rates.
And the need for action is not just financial. Tackling the flow of dirty money in an economy also helps to tackle crime, making it tougher for criminals to spend their ill-gotten gains.