AS per GFI's latest analysis, crime, corruption,
and tax evasion drained US$ 946.7 billion from the developing world in 2011,
up more than 13.7 percent from 2010 - when illicit financial outflows totaled
US$832.4 billion. The findings - which peg cumulative illicit financial outflows
from developing countries at US$5.9 trillion between 2002 and 2011 - are
part of a new study published by Global Financial Integrity (GFI),
a Washington, DC-based research and advocacy organization.
The
report, “Illicit Financial Flows from Developing Countries: 2002-2011,” is
GFI’s 2013 annual update on the amount of money flowing out of developing
economies as a result of crime, corruption and tax evasion, and it is the
first of GFI’s reports to include data for the year 2011.
The
US$946.7 billion of illicit outflows lost in 2011 is a 13.7 percent uptick
from 2010 - which saw developing countries hemorrhage US$832.4 billion-and
a dramatic increase from 2002, when illicit outflows totaled just US$270.3
billion. The study estimates the developing world lost a total of US$5.9
trillion over the decade spanning 2002 through 2011.
Moreover,
the US$946.7 billion that flowed illicitly out of developing countries in
2011 was approximately 10 times the US$93.8 billion of net official development
assistance (ODA) that went into these specific 150 developing countries that
year. This means that for every US$1 in economic development assistance going
into a developing country, roughly US$10 of capital are lost via illicit
outflows.
Dr.
Kar and Mr. LeBlanc’s research tracks the amount of illegal capital flowing
out of 150 different developing countries over the 10-year period from 2002
through 2011, and it ranks the countries by the volume of illicit outflows.
According to the report, the five biggest exporters of illicit financial flows
over the decade are:
China ............................ US$107.56 billion average ($1.08 trillion
cumulative)
Russia........................................... US$88.10 billion avg. ($880.96
billion cum.)
Mexico .......................................... US$46.19 billion avg. ($461.86
billion cum.)
Malaysia ...................................... US$37.04 billion avg. ($370.38
billion cum.)
India .............................................. US$34.39 billion avg.
($343.93 billion cum.)
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