Corruption, tax evasion has cost developing world $6 trillion - reportQuicklink submitted By Amanda Lang Permalink
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|The developing world lost US$859 billion in illicit outflows in 2010, an increase of 11% over 2009. The capital outflows stem from crime, corruption, tax evasion, and other illicit activity.
The report finds that illicit financial flows. From 2001 to 2010, developing countries lost US$5.86 trillion to illicit outflows.
Conservatively estimated, illicit financial flows have increased in every region of developing countries.
In the third update of its original report, Global Financial Integrity introduces a new, more accurate, methodolgy to estimate illicit financial flows from the developing world.
The report for the first time includes a special analysis of sovereign wealth funds and their relationship to illicit financial flows.