Crime, Corruption, Tax Evasion Drained a Record US$991.2bn in Illicit Financial Flows from Developing Economies in 2012

-
Global Financial Integrity's 2014 annual global update on illicit financial flows tracks the amount of illegal capital flowing out of 151 different developing and emerging countries over the 10-year period from 2003 through 2012, and it ranks the countries by the volume of illicit outflows. According to the report, the 25 biggest exporters of illicit financial flows over the decade are:

1. China……… US$125.24bn average (US$1.25tr cumulative)

2. Russia…………….. US$97.39bn avg. (US$973.86bn cum.)

3. Mexico…………….. US$51.43bn avg. (US$514.26bn cum.)

4. India……………….. US$43.96bn avg. (US$439.59bn cum.)

5. Malaysia…………. US$39.49bn avg. (US$394.87bn cum.)

6. Saudi Arabia……. US$30.86bn avg. (US$308.62bn cum.) 1

7. Brazil……………… US$21.71bn avg. (US$217.10bn cum.)

8. Indonesia……….. US$18.78bn avg. (US$187.84bn cum.)

9. Thailand…………. US$17.17bn avg. (US$171.68bn cum.)

10. Nigeria…………… US$15.75bn avg. (US$157.46bn cum.)

11. UAE………………… US$13.53bn avg. (US$135.30bn cum.)

12. South Africa……… US$12.21bn avg. (US$122.14bn cum.)

13.Iraq…………………. US$11.14bn avg. (US$89.10bn cum.)

14. Costa Rica………… US$9.40bn avg. (US$94.03bn cum.)

15. Philippines……….. US$9.35bn avg. (US$93.49bn cum.)

16. Belarus……………. US$8.45bn avg. (US$84.53bn cum.)

17. Poland……………… US$5.31bn avg. (US$53.12bn cum.)

18. Panama…………… US$4.85bn avg. (US$48.48bn cum.)

19. Serbia……………… US$4.57bn avg. (US$45.66bn cum.)

19. Chile……………….. US$4.56bn avg. (US$45.64bn cum.)

21. Brunei…………….. US$4.30bn avg. (US$34.40bn cum.) 3

22. Syria………………. US$3.77bn avg. (US$37.68bn cum.)

23. Egypt……………… US$3.77bn avg. (US$37.68bn cum.)

24. Paraguay………… US$3.70bn avg. (US$36.97bn cum.)

25. Venezuela……….. US$3.68bn avg. (US$36.77bn cum.)

Read the report by Global Financial Integrity. http://www.gfintegrity.org/press-release/new-study-crime-corruption-tax-evasion-drained-a-record-us991-2-billion-in-illicit-financial-flows-from-developing-economies-in-2012/

See also:

"US$1.25 trillion moved out of mainland China illegally in 10 years, says report." http://www.scmp.com/business/article/1663131/us125-trillion-moved-out-mainland-china-illegally-10-years-says-report

"Bled Dry By Corruption -- Malaysia lost RM171 bil in one year alone - enough to build 42 new KLIA2." http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=422112:bled-dry-by-corruption-msia-lost-rm171-bil-in-one-year-alone-enough-to-build-42-new-klia2&Itemid=2#axzz3M23OZBYf

"Philippines 15th largest in illicit financial flows." http://filipinotimes.ae/news/2014/12/16/philippines-15th-largest-in-illicit-financial-flows/

Popular posts from this blog

The Pacific - Nepal - Eastern Europe & Central Asia

-
[Blog] How are perceptions of corruption in seven small Pacific countries? Larger Pacific Island neighbors are often garnering the lion's share of attention both from researchers and policy makers. How are the experiences of corruption in countries like Tuvalu, Tokelau, Niue, the Republic of the Marshall Islands (RMI), The Cook Islands, Palau, and Nauru? DevPolicy Blog: https://devpolicy.org/perceptions-of-corruption-in-seven-small-pacific-island-countries-20230223/   [Opinion] Two decades of new anti-corruption law in Nepal: Why it missed its mark. According to a Nepalese journalist, the Anti-Corruption law and Prevention of Corruption act of 2002 laid the foundation for numerous investigations, scandals, and court cases. To a large extent, they did however fail to enable significant conviction and return of assets. Online Khabar: https://english.onlinekhabar.com/anti-corruption-law-missing-target.html   [Blog] Growing security risks and authoritarian
Read more

Middle East & North Africa - Ukraine - Sri Lanka

-
Corruption fuels ongoing conflict. The Middle East and North Africa has been in a decline on the Corruption Perceptions Index (CPI) for years. The region is also ranked as the "least peaceful region" according to the Global Peace Index. Transparency International (TI) argues that corruption, conflict, and security are profoundly intertwined. TI: https://www.transparency.org/en/news/cpi-2022-middle-east-north-africa-corruption-fuels-ongoing-conflict   [Opinion] Ukraine's corruption purge is setting the stage for private investment-driven recovery. Corruption is regarded as a key threat to the Ukrainian economy, depriving public budgets and discouraging foreign direct investments (FDI). The current administration has taken strong anti-corruption action, and the country has witnessed a significant increase in FDI in recent years, says author. DevDiscourse: https://www.devdiscourse.com/article/business/2353089-ukraines-corruption-purge-setting-stage-
Read more

Global - Sub-Saharan Africa - Turkey & Syria

-
Invisible Trillions review: Global capitalism operates beyond the rule of law and threatens democracy. Raymond W. Baker's new book "Invisible Trillions" argues that "secrecy has become as important for corporations as transparent and taxable profits used to be". "Only radical improvements across the globe in financial transparency and accountability, and in regulatory capacity and integrity, can break this cycle of political decay and despair". The Conversation: https://theconversation.com/invisible-trillions-review-global-capitalism-operates-beyond-the-rule-of-law-and-threatens-democracy-199311   [Blog] The dynamics of violent extremism in sub-Saharan Africa. There is no better environment for the expansion of violent extremist groups than a vacuum in state authority. These groups begin to compete with the state and may even be initially attractive to communities weary of years of lawlessness, corruption, and chaos according to autho
Read more