BEIJING: India lost nearly $123 billion in black money
between 2001 and 2010, making it the eighth largest victim of illegal
financial outflow, a US based research and advocacy organization has
said in a report.
China is listed as the leading source of global outflows of tainted money with India ranking eighth in the list compiled by a Washington-based think tank, Global Financial Integrity (GFI). Some 150 developing countries lost $5.9 trillion by way of illegal outflows in those 10 years, GFI said in a report, which showed that the financial crisis has not adversely affected the production and flow of corrupt money.
The report, co-authored by an economist of Indian origin, Dev Kar, said international outflows rose from $776 billion in 2009 amid the financial crisis to $859 billion in 2010. The all-time high of $871 billion was in 2008.
Malaysia with $64 billion in 2010 and $285 billion over the decade took the second position followed by Mexico, which lost $51 billion in 2010 and close to 10 times that amount, or $476 billion during the decade. China, in 2010 alone, saw a loss of $420 billion. The bulk of illegal money flows accounting for 61% came from Asia. It is followed by just over 15% from the Western hemisphere and just over 10% from West Asia-Gulf and North Africa.
Illegal money out of China was $420 billion in 2010 and exceeded $2.7 trillion for the decade ending in 2010, which was nearly half that period's total for all developing countries.GFI said the flows underscored a need for governments to adopt measures like increasing exchanges of tax information and boost money laundering laws among others.; reform laws allowing criminals to hide behind anonymous entities ; and require corporations to disclose sales, profits and taxes paid in foreign countries.
China is listed as the leading source of global outflows of tainted money with India ranking eighth in the list compiled by a Washington-based think tank, Global Financial Integrity (GFI). Some 150 developing countries lost $5.9 trillion by way of illegal outflows in those 10 years, GFI said in a report, which showed that the financial crisis has not adversely affected the production and flow of corrupt money.
The report, co-authored by an economist of Indian origin, Dev Kar, said international outflows rose from $776 billion in 2009 amid the financial crisis to $859 billion in 2010. The all-time high of $871 billion was in 2008.
Malaysia with $64 billion in 2010 and $285 billion over the decade took the second position followed by Mexico, which lost $51 billion in 2010 and close to 10 times that amount, or $476 billion during the decade. China, in 2010 alone, saw a loss of $420 billion. The bulk of illegal money flows accounting for 61% came from Asia. It is followed by just over 15% from the Western hemisphere and just over 10% from West Asia-Gulf and North Africa.
Illegal money out of China was $420 billion in 2010 and exceeded $2.7 trillion for the decade ending in 2010, which was nearly half that period's total for all developing countries.GFI said the flows underscored a need for governments to adopt measures like increasing exchanges of tax information and boost money laundering laws among others.; reform laws allowing criminals to hide behind anonymous entities ; and require corporations to disclose sales, profits and taxes paid in foreign countries.
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