Global Financial Integrity

Unaccountable: The Role of Accountancy Firms in International Financial Scandals

The revelatory Luanda Leaks by the International Consortium of Investigative Journalists (ICIJ) and 35 partner organizations exposed the critical role financial service providers – frequently Western – play in facilitating massive international financial scandals. Indeed, the ICIJ...

New Study: Illicit Financial Flows Hit US$1.1 Trillion in 2013

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.