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Corruption, tax evasion has cost developing world $6 trillion - report

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opednews.com Headlined to H3 12/18/12

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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.

Read the rest of the story HERE:

At iff.gfintegrity.org

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