September 21, 2015
Book to be launched at two-day conference on September 21 and 22 at the National Press Club in Washington, DC Russia’s illicit outflows were 8.3% of GDP (1994-2012); Illicit outflows from Mexico (1970-2012) and the Philippines (1960-2012)...
September 16, 2015
Action by United Nations “a Seismic Shift in Development Orthodoxy” WASHINGTON, DC – Analysis of illicit financial flows (IFFs) by Global Financial Integrity (GFI) shows that in seven of the last ten years the global volume of...
September 9, 2015
Illicit Outflows average 6.5% of Myanmar’s Official GDP; Technical Smuggling of Imports via Fraudulent Misinvoicing Accounts for 71.0% of Myanmar’s Illicit Inflows Underground Economy Averaged 55.1% of Country’s GDP; Drives and is Driven by Illicit Flows Tax...
September 8, 2015
Washington, DC, September 8, 2015 – Analysis of illicit financial flows (IFFs) in the poorest nations shows that from 2008 – 2012 IFFs swamped national education spending in many countries. The IFF/Education Spending ratios (see below) give an indication of the problem some countries will face in achieving Sustainable Development Goals #4. GFI President Raymond Baker said that the UN commitment to “substantially reduce” IFFs in target 16.4 “is a welcome advance in the fight to curtail the damage illicit flows inflict on children around the globe.”
September 3, 2015
WASHINGTON, DC – Analysis of illicit financial flows (IFFs) by Global Financial Integrity (GFI) shows that over the period 2003-2012 the global volume of IFFs grew by more than nine percent annually (shown in the chart below).
In 2012 (the most recent year for which data are available), illicit flows were estimated at close to $1 trillion. In response to this unfettered surge in illicit capital leaving developing nations, the UN has endorsed target 16.4 in the Sustainable Development Goals (SDGs), which commits the global community to “significantly reduce” IFFs by 2030. This UN action “represents an historic moment in development policy given that it is the first time the international community has recognized the illicit flows problem and pledged to address it,” said GFI President Raymond Baker.
July 29, 2015
South African Broadcasting Corporation
GFI Junior Economist Joseph Spanjers spoke with South Africa’s SABC News on Wednesday, July 29th, about the damaging issue of illicit financial flows from Africa.
July 28, 2015
GFI President Raymond Baker discusses the issue of illicit financial flows (IFFs) at the Africa Center for Strategic Studies on July 15, 2015. Mr. Baker’s remarks provide an overview of the sources of illicit financial flows, how GFI’s studies are developing in the African policy arena, how terrorist groups utilize IFFs for funding opportunities, and how transparency plays an essential part in curbing illicit financial flows.
July 16, 2015
WASHINGTON, DC – Global Financial Integrity (GFI) welcomes the statements made yesterday by former South African President Thabo Mbeki on illicit financial flows at the third Financing for Development Conference. At an event in Addis Ababa, Ethiopia, Mbeki noted that in order to address the issue of illicit flows “there needs to be a concerted and sustained campaign around the world.” “The principle challenge we face” he said, “is one of implementation.” He expressed optimism about the impact the Financing for Development conference will have on illicit flows noting that there is “a common commitment” to address the problem “at a global level and at a national level.”