Game-Changing Recommendations Urge Institutionalization of Efforts to Combat Illicit Flows, Promote Financial Transparency
Mbeki-Led Group Also Calls for Public Registries of Beneficial Ownership, Public Country-by-Country Reporting for Multinationals
WASHINGTON, DC / ADDIS ABABA, Ethiopia – Global Financial Integrity (GFI) welcomed a new report from the African Union (AU) and United Nations Economic Commission for Africa’s (UNECA) High Level Panel (HLP) on Illicit Financial Flows from Africa as a game-changer in the movement to curtail illicit financial flows and promote financial transparency. Chaired by former South African President Thabo Mbeki, the HLP’s final report recommends putting efforts to curtail trade-related illicit flows—constituting the vast majority of measurable illicit financial flows (IFFs)—foremost in African and global efforts to curb the ongoing illegal outflow of African wealth.
This December 2014 report from Global Financial Integrity, “Illicit Financial Flows from the Developing World: 2003-2012,” finds that the developing world lost US$6.6 trillion in illicit financial flows from 2003-2012, with illicit outflows alarmingly increasing at an average rate 9.4 percent per year.
Illicit Financial Outflows Cost Developing World $859 Billion in 2010, Rebounding Rapidly from Financial Crisis
Nearly $6 Trillion Stolen from Poor Countries in Decade between 2001 and 2010
WASHINGTON, DC – Crime, corruption, and tax evasion cost the developing world $858.8 billion in 2010, just below the all-time high of $871.3 billion set in 2008—the year preceding the global financial crisis. The findings are part of a new study released today by Global Financial Integrity (GFI), a Washington-based research and advocacy organization.
Latest Global Financial Integrity Research Places India as Decade’s 8th Largest Exporter of Illicit Capital
Illicit Outflows Cost Developing World US$859 Billion in 2010, Rebounding Rapidly from Financial Crisis
WASHINGTON, DC – The Indian economy suffered US$1.6 billion in illicit financial outflows in 2010, capping-off a decade in which the world’s largest democracy experienced black money loses of US$123 billion, according to the latest report released today by Global Financial Integrity, a Washington-based research and advocacy organization.
Trade Mispricing Fuels Massive Outflows from Southeast Asian Nation, Finds Annual GFI Study to Be Released Thursday
WASHINGTON, DC – The illicit mispricing of trade cost the Philippines US$114 billion from 2000-2009 with total illicit outflows over the decade due to crime, corruption and tax evasion amounting to US$142 billion, finds a forthcoming report from Global Financial Integrity (GFI)—a Washington-based research and advocacy organization. The study,Illicit Financial Flows from Developing Countries over the Decade Ending 2009, which is embargoed for publication until Thursday, places the Southeast Asian nation in the top fifteen victims of illegal capital flight world-wide.
Nation Was Third Largest Hemorrhager of Illicit Flows Worldwide According to Forthcoming Global Financial Integrity Report
WASHINGTON, DC – Russia hemorrhaged over US$501 billion in illicit financial outflows in the ten years following Vladimir Putin’s rise to power according to a forthcoming report from Global Financial Integrity (GFI), a Washington-based research and advocacy organization. The study, Illicit Financial Flows from Developing Countries over the Decade Ending 2009, finds the nation lost more than US$50 billion per year from 2000 through 2009—making it the third largest victim of illegal capital flight.
Study Finds 48 Poorest Countries Lost US$197 Billion From 1990-2008; Serious Impediment to Development Efforts
ISTANBUL, Turkey – A United Nations Development Program (UNDP) commissioned report from Global Financial Integrity (GFI) on illicit financial flows from the Least Developed Countries (LDCs) was presented for discussion yesterday at the United Nations IV Conference on Least Developed Countries hosted by the Republic of Turkey.
