Washington: India with USD128 billion capital flowing out illegally was the 15th largest victim of illicit financial outflows that cost developing countries a whopping USD903 billion in 2009, according to a new study. (Agencies)
While USD903 billion marks a drop from the USD1.55 trillion that illicitly flowed out of the developing world in 2008, the study finds the decrease is almost entirely attributable to the global financial crisis rather than any governance improvements or economic reforms.
'This is a breathtakingly large sum at a time when developing and developed countries alike are struggling to make ends meet,' said GFI Director Raymond Baker. 'This report should be a wake-up call to world leaders that more must be done to address these harmful outflows.'
Entitled 'Illicit Financial Flows from Developing Countries over the Decade Ending 2009,' the report by Global Financial Integrity (GFI), a Washington-based research and advocacy organization, tracks the amount of illegal capital flowing out of 157 different developing countries from 2000 through 2009.
According to the report, the 20 biggest victims of illicit financial flows over the decade are: China USD2.74 trillion, Mexico USD504 billion, Russia USD501 billion, Saudi Arabia USD380 billion, Malaysia USD350 billion, United Arab Emirates USD296 billion, Kuwait USD271 billion, Nigeria USD182 billion, Venezuela USD179 billion, Qatar USD175 billion, Poland USD162 billion, Indonesia USD145 billion, Philippines USD142 billion, Kazakhstan USD131 billion, India USD128 billion, Chile USD97.5 billion, Ukraine USD95.8 billion, Argentina USD95.8 billion, South Africa USD85.5 billion and Turkey USD79.1 billion.
Washington: India with USD128 billion capital flowing out illegally was the 15th largest victim of illicit financial outflows that cost developing countries a whopping USD903 billion in 2009, according to a new study.