Illicit financial flows are one of the major, often underestimated brakes on sustainable development. They deprive states of urgently needed tax revenues, weaken institutions and encourage corruption and organized crime.
Together with the Liechtenstein Bankers Association and the Office of Foreign Affairs, the Liechtenstein Development Service was pleased to host a specialist event at the Liechtenstein Braustube on November 27, 2025.
The great interest and the high number of guests from politics, diplomacy, development cooperation and business have shown: The topic is moving.
The co-presentation by Gilles Carbonnier and Fritz Brugger focused on the international dimension of illegal financial flows. This was concretized using the example of the gold trade in Ghana. They showed how trade manipulation and the systematic undervaluation of gold exports lead to considerable tax losses.
Another highlight was the presentation by Juhani Grossmann from the Basel Institute on Governance. Under the title “Fighting the enemy within”, he spoke about fighting corruption in Ukraine in the context of the war. His central statement: Ukraine is not a corrupt country, but a country that is actively fighting corruption under extreme conditions.
One thing is clear: development cooperation must not just focus on symptoms. Anyone who wants to seriously tackle global inequalities must systematically combat illegal financial flows.
