By Dev Kar, January 20, 2011
New Global Financial Integrity Report Reveals Russia is Losing US$50 Billion Annually in Illicit Outflows
Recent news from Russia confirms that corruption is a serious issue that, unless curbed, can prevent the country from emerging as a global economic powerhouse. Corruption in Russia has been a hangover from the Soviet Union days. It is just that the forces of globalization have provided old hands and the up-and-coming younger generation of Russians with unprecedented opportunities to make money under the table. Of course, the exponential increase in Russia’s natural resource exports (such as petroleum products and natural gas) has not helped matters as far as overall governance is concerned. There is simply too much money in the hands of the too few.
Country Loses Over US$50 Billion Per Year; Second Highest Illicit Financial Outflows in Developing World
WASHINGTON, DC – A new report from Global Financial Integrity (GFI), “Illicit Financial Flows from Developing Countries: 2000-2009,” released this week shows that Russia has the second highest measured illicit outflows out of the developing world–US$427 billion from 2000-2008, an average of US$53 billion per year.
This January 2011 report from Global Financial Integrity, “Illicit Financial Flows from Developing Countries 2000-2009,” finds that approximately US$6.5 trillion was removed from the developing world from 2000 through 2008. The report also examines illicit flows from...
Developing Countries Lost Roughly $6.5 Trillion in Illicit Financial Outflows from 2000 through 2008, $2.18 Trillion From China Alone
WASHINGTON, DC – Global Financial Integrity (GFI) released its annual analysis of the cost of crime, corruption, and trade mispricing on developing countries today. The report, “Illicit Financial Flows from Developing Countries: 2000-2009,” finds that approximately US$6.5 trillion was removed from the developing world from 2000 through 2008. The report also examines illicit flows from Asia, which produced the largest portion of total outflows, and makes projections for 2009. (Full report 3.35 MB, Tip Sheet 172KB).
By Jeremy Haken, December 17, 2010
In August 2010, the bodies of 72 immigrants were discovered in Tamaulipas, a state in northeastern Mexico. While nobody knows the sequence of events that led to this massacre, it is well known that Tamaulipas is at the center of a turf war between two powerful drug cartels, the Zetas and the Gulf Cartel. Control of territory and trafficking routes is critical as it enables the cartels to expand their criminal operations to include other moneymaking endeavors like fuel bunkering, prostitution, kidnapping, and even software piracy.
Writing about India’s booming economic performance and growth potential has become its own cottage industry over the last several years. Indeed, a report out this week predicts that India will become the world’s fastest growing economy by 2012 and, by 2030, will likely be the globe’s third largest economy behind China and the United States. From its educated work force to its embrace of technology and the likelihood it will be among the leaders in developing “green” businesses, it appears that India – other than the Commonwealth Games – can do no wrong. But the rosy picture has a dark underside that must be addressed if India’s stagnant income inequality levels are to be overcome.
This February 2010 report from Global Financial Integrity estimates the developing world is losing roughly US$100 billion per year in tax revenue loss from illicit financial flows. Every year crime, corruption, and tax evasion drain $1 trillion...
Washington, DC — Developing country treasuries are losing approximately $100 billion dollars every year due to trade mispricing, according to a new report available today from Global Financial Integrity (GFI).
