By Lionel Bassega, July 6, 2020
Over the last couple of weeks, the rate of Covid-19 infections has flattened in most of the Global North, while the opposite has happened in the Global South. Indeed, according to data from the World Health Organization...
By Dev Kar, October 29, 2019
Excerpted from ‘India – Still a Shackled Giant’ by Dev Kar, with Penguin Random House India permission. A few years after retiring from the IMF, I applied for the position of lead economist at GFI, then a...
Washington, DC – In a comprehensive study on the level of trade misinvoicing in India in 2016, GFI found that the estimated potential tax revenue losses to the Indian government that year is US$13.0 billion, equivalent to 5.5...
Global Financial Integrity estimates India lost US$13.0 billion in potential revenue to trade misinvoicing in 2016 alone. How did we get that estimate? This blog breaks down the findings and methodology of our latest report.
US$7.8 Trillion drains from Developing World from 2004-2013
Trade Fraud Responsible for Illicit Outflows of US$6.5 Trillion
China, Russia, Mexico, India, Malaysia are Biggest Exporters of Illicit Capital over Decade
Sub-Saharan Africa Still Suffers Largest Illicit Outflows as % of GDP
WASHINGTON, DC – Illicit financial flows from developing and emerging economies surged to US$1.1 trillion in 2013, according to a study released Wednesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. Authored by GFI Chief Economist Dev Kar and GFI Junior Economist Joseph Spanjers, the report pegs cumulative illicit outflows from developing economies at US$7.8 trillion between 2004 and 2013, the last year for which data are available.
Photos from “Illicit Financial Flows: The Most Damaging Economic Problem Facing the Developing World,” a 2-day conference in Washington, DC that was hosted by Global Financial Integrity and held at the National Press Club.
By Tom Cardamone, October 6, 2015
A Quarterly Newsletter on the Work of Global Financial Integrity from June to September 2015
Global Financial Integrity is pleased to present GFI Engages
, a quarterly newsletter created to highlight events at GFI and in the world of illicit financial flows. We look forward to keeping you updated on our research, advocacy, high level engagement, and media presence. The following items represent just a fraction of what GFI has been up to since March, so make sure to check our website
for frequent updates.
Global Financial Integrity Conference: Illicit Financial Flows: The Most Damaging Economic Problem Facing the Developing World
Based on the culmination of work GFI has done with the support of the Ford Foundation including a book by GFI, the conference included discussions and keynote remarks from experts on the nature of IFFs, country-level perspectives, and how and why curtailing these IFFs should be a priority for the global community.
It’s Better to Adopt Measures to Tighten the Creation of Black Money than to Be Quixotic about its Return
Despite India’s support for it at the G-20, the OECD’s automatic exchange of financial information (AEFI) regime is riddled with loopholes that make its usefulness questionable.
Successive governments have attempted to curtail the black money menace through policy action and moral suasion. But the recent slew of measures, including bilateral and multilateral initiatives — most recently, India and the United States signed an agreement under the American Foreign Account Tax Compliance Act — is perhaps the most far-reaching in memory. Black money or illicit financial flows violate laws in their creation, utilisation or transference. They have had a pernicious influence in India since Independence — from the financing of elections to that of terrorism against the state.