There is a basic difference between legal and illegal flight capital. The legal component stays on the books of the entity or individual making the outward transfer. The illegal component is structured to disappear from the books of the entity or individual making the outward transfer. How much of what appears to be legal flight capital from Russia has in fact stayed on the books of the transferring entities? This is a most interesting question, beyond the scope of this analysis but one we would like to address in subsequent studies.

Russia- Illicit Financial Flows and the Role of the Underground Economy, 2013

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