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India is fourth largest exporter of illicit outflows
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Arun Kumar | 16 Dec, 2014
With a total USD 439.59 billion, India has jumped one rank to become the fourth largest exporter of illicit outflows over the decade after China, Russia and Mexico, according to a new study.
India with USD 94.76 billion was also the third largest exporter of illicit capital in 2012, the most recent year included in the annual update of illicit financial flows released Tuesday by Global Financial Integrity (GFI), a Washington -based research and advisory organization.
A record USD 991.2 billion in illicit capital flowed out of developing and emerging economies in 2012-facilitating crime, corruption, and tax evasion, said the report on "Illicit Financial Flows from Developing Countries: 2003-2012,"
It marked a dramatic increase from 2003, when illicit outflows totaled a mere USD 297.4 billion.
The report pegs cumulative illicit outflows from developing economies at USD 6.6 trillion between 2003 and 2012, the latest year for which data is available.
According to the report, the five biggest exporters of illicit financial flows over the decade are: China USD 1.25 trillion, Russia USD 973.86 billion, Mexico USD 514.26 billion, India USD 439.59 billion and Malaysia USD 394.87 billion.
GFI also found that the top exporters of illegal capital in 2012 were: China USD 249.57 billion, Russia USD 122.86 billion, India USD 94.76 billion, Mexico USD 59.66 billion and Malaysia USD 48.93 billion
The report found that illicit outflows are growing at an inflation-adjusted 9.4 percent per year-roughly double global GDP growth over the same period.
"As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies," said GFI President Raymond Baker.
"These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries-are sapping roughly a trillion dollars per year from the world's poor and middle-income economies," he said.
"It's extremely troubling to note just how fast illicit flows are growing," stated GFI Chief Economist Dev Kar, the principal author of the study.
These outflows are growing fastest in and taking the largest toll-as a share of GDP-on some of the poorest regions of the world, he noted.
"These findings underscore the urgency with which policymakers should address illicit financial flows," Kar said.
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