|Zambia Lost $8.8 Billion in Illicit Outflows from 2001-2010, According to Forthcoming Report|
Capital Flight Fueling Poverty In One of the World’s Poorest Nations, Writes GFI Economist
December 13, 2012
WASHINGTON DC – Illicit financial flows due to crime, corruption, and tax evasion cost Zambia $8.8 billion from 2001-2010, finds a forthcoming report from Global Financial Integrity (GFI).
Sarah Freitas, a GFI Economist who co-authored the report with GFI Lead Economist Dev Kar, previewed some findings from the report, which looks at every country in the developing world, for the nation of Zambia in a blog post on the website of the Task Force on Financial Integrity and Economic Development.
Ms. Freitas argues that capital flight—both licit and illicit—is draining tremendous amounts of money from the Zambian economy, which remains poor despite massive natural resource wealth. She writes:
The full blog post can be read here.
The full report, Illicit Financial Flows from Developing Countries 2001-2010, will be published on Monday, December 17th, 2012 at 18:59 EST (23:59 GMT), and will include data from 150 different developing and emerging countries. The forthcoming study is the annual update of Global Financial Integrity’s illicit financial flow estimates.
Notes to Editors:
Global Financial Integrity (GFI) is a Washington, DC-based research and advocacy organization which promotes transparency in the international financial system.
For additional information please visit www.gfintegrity.org.