Global Financial Integrity

John Unwin - Unsplash
 

Illicit Financial Flows

GFI: India Lost Approximately US$13.0 Billion to Trade Misinvoicing in 2016

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.

Read More SHARE

Taking stock of 2018’s money laundering scandals: When is enough enough? (Part 2)

A systemic problem persists in banks’ ability and willingness to stop dirty money from flowing through the financial system. But when will it stop, or even diminish?

Read More SHARE

Fifth Annual Amartya Sen Essay Prize 2018

This year, Global Financial Integrity and Academics Stand Against Poverty will be awarding the fifth annual Amartya Sen Prizes to the two best original essays on assessing the human impact of illicit financial flows out of Africa....

Read More SHARE

GFI Database Helps Countries Boost Domestic Resource Mobilization

Today, GFI is pleased to announce the launch of GFTrade, a proprietary trade risk assessment application that enables customs officials to determine if goods are priced outside typical ranges for comparable products. A cloud-based system developed over the past year, GFTrade provides officials with real-time price analyses for goods in the port using price ranges for the same product based on global trade information. This information can help to determine if further investigation into potential misinvoicing is warranted, and it has the potential to substantially increase domestic revenue mobilization.

Read More SHARE

Magnitudes versus Methodologies?

Global Financial Integrity is pleased to note growing interest in the estimation of illicit financial flows and their effect on emerging market and developing countries. We are writing to offer a series of thoughts surrounding the reality of this concern and its political significance.

Read More SHARE

Don’t Take a Page out of Their Book: How Illicit Financial Flows Reduce Funds for Youth Education in Malawi

A recent Global Financial Integrity study concluded that measurable illicit financial outflows topped the $1 trillion mark in 2013. The inclusion of illicit financial flows (IFFs) in the Sustainable Development Goals was an affirmation of the detrimental impact these flows have on the development of low income countries. Amongst the most keenly affected are children, who lose out on quality education due to insufficient government funding. I was able to witness just this, when I spent the 2013 academic year at a village school just outside the city of Zomba, Malawi, a country that GFI estimates loses on average US$650 million per year in illicit outflows.

Read More SHARE

Illicit Flows and Funding the SDG’s

In adopting the Sustainable Development Goals this past September, UN member states realized two extraordinary achievements. First, the document itself—with 17 goals, 169 targets and 200+ (yet to be finalized) indicators—is a testament to global ambition, a 15-year roadmap toward what is hoped will be unprecedented progress in poverty alleviation. Second, the global community agreed to “substantially reduce illicit financial flows,” which reached $1.1 trillion two years earlier according to a recent GFI study.

Read More SHARE

The Adverse Economic Consequences of Capital Flight and Illicit Flows from Developing Countries

Several recent studies have indicated that capital flight (defined as outflows of licit and illicit capital from developing countries) has serious consequences for economic performance and well-being. For example, a 2012 IMF study based on a panel regression of 103 developing countries over 2001-07, found that country-specific factors such as institutional quality and domestic credit markets have little impact on a country’s ability to translate capital inflows into domestic investment.

Read More SHARE