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| 2023 Review of the Fund's Anti-Money Laundering and Combating the Financing of Terrorism Strategy
This paper reviews the Fundâs efforts to safeguard financial integrity and proposes the way forward for the Fundâs Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Strategy. For over 20 years, the IMF has recognized that effective AML/CFT frameworks, and financial integrity more broadly, are key to the soundness and stability of the financial sector and to prevent the negative macroeconomic implications of financial crimes on the broader economy of members, progressively integrating this work across all its core functions and in a broad set of Fund policies. The paper takes stock of the implementation of the IMF's AML/CFT strategy since 2018. It also proposes deepening the integration of financial integrity issues and an enhanced focus on the macroeconomic impact of AML/CFT issues for the way forward.
ISBN: 979-8-40025-876-3.
DOI: https://doi.org/10.5089/9798400258763.007
December 2023. 55 pages.
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| Building Tax Capacity in Developing Countries
Carlos Benitez, Mario Mansour, Miguel Pecho, and Charles Vellutini
Tax capacityâthe policy, institutional, and technical capabilities to collect tax revenueâis part of a deeper process of state building that is essential for achieving the sustainable development goals. This Staff Discussion Note shows that developing countries have made some progress in revenue mobilization during the past decades. However, much more is needed. We find that a staggering 9 percentage-point increase in the tax-to-GDP ratio is feasible through a combination of tax system reform and institutional capacity building. Achieving this calls for a holistic and institution-based approach that focuses on improving policy, administration and legal implementation of core taxes. The note offers practical lessons and guidance, based on IMF capacity building experience in this area.
ISBN: 979-8-40024-609-8.
DOI: https://doi.org/10.5089/9798400246098.006
September 2023. 32 pages.
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| The Corruption Cost Tracker
Olivier Basdevant and Mihaly Fazekas
This Note addresses the assessment of corruption risks in public procurement and their impact on relative prices. The note presents the Corruption Cost Tracker, an online tool complementing the analysis presented in Abdou and others (2022). The Corruption Cost Tracker enables policymakers and stakeholders to address corruption risks in public procurement. It is an interactive online tool, with dashboards for Corruption Risk Analysis, Spending Analysis, Efficiency Gains, and Policy Scenarios.
ISBN: 979-8-40023-642-6.
DOI: https://doi.org/10.5089/9798400236426.005
May 2023. 19 pages.
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| How to Combat Value-Added Tax Refund Fraud
Cedric Andrew and Katherine Baer
A previous IMF Working Paper on value-added tax (VAT) refunds (WP/07/31, by Keen and Smith) describes the main forms of VAT noncompliance and concludes that VAT is susceptible to evasion and fraud like any other tax. This paper shows the insidious nature and extent of VAT refund fraud in selected EU countries and argues that this type of noncompliance requires tax administrations to adopt a coordinated strategy and deploy a range of countermeasures to combat this threat. Because such fraud is primarily a criminal legal issue, tackling it successfully will require cooperation, both internationally between VAT administrations and nationally between tax authorities and the judiciary. The paperâs focus is primarily on advanced economies in the context of the EU, but many of the recommendations are applicable to emerging market and developing countries. A separate IMF How to Note discusses managing VAT refunds in developing countries.
ISBN: 979-8-40022-872-8
DOI: https://doi.org/10.5089/9798400228728.061
August 2023. 31 pages.
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| Taxing Stablecoins
Christophe J Waerzeggers, Irving Aw, and Jess Cheng
This Fintech Note specifically considers the challenges that tax law systems face to achieve neutrality in taxing transactions in one specific type of crypto asset: stablecoins. Stablecoins are a category of crypto assets that aim to maintain a stable value relative to a specified asset or to a pool of assets, such as sovereign currencies. In this way, they are designed to address the problem of volatility in the prices of crypto assets; price volatility generally makes these assets poor candidates to be a store of value and is one of the main impediments against their more widespread adoption as a means of payment. The prospect of a more widespread adoption of stablecoins warrants a closer look at their tax treatment and associated challenges.
ISBN: 979-8-40022-722-6.
DOI: https://doi.org/10.5089/9798400227226.063
May 2023. 23 pages.
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| Unmasking Control: A Guide to Beneficial Ownership Transparency
Richard Berkhout and Francisca Fernando
Transparency about who owns a company or corporate entity (the beneficial owner) affects economic stability. This guide for practitioners, policymakers, and other interested researchers describes comprehensive frameworks for holding beneficial ownership information. It proposes questions to guide strategic thinking and discussion of the issues while focusing on the overarching principles required to establish an effective system of beneficial ownership information.
ISBN: 979-8-40020-804-1.
DOI: https://doi.org/10.5089/9798400208041.071
October 2022. 171 pages.
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