|UNDP-Commissioned Report from Global Financial Integrity Now Available|
Study Finds 48 Poorest Countries Lost US$197 Billion From 1990-2008; Serious Impediment to Development Efforts
May 12, 2011
Monique Perry Danziger, +1 202-293-0740
ISTANBUL, Turkey – A United Nations Development Program (UNDP) commissioned report from Global Financial Integrity (GFI) on illicit financial flows from the Least Developed Countries (LDCs) was presented for discussion yesterday at the United Nations IV Conference on Least Developed Countries hosted by the Republic of Turkey.
Written by GFI Lead Economist Dev Kar, the report, Illicit Financial Flows from the Least Developed Countries: 1990-2008 (PDF | 1.75 MB), examines how structural characteristics of Least Developed Countries could be facilitating the cross-border transfer of illicit funds, discusses methodological issues underlying estimates of illicit flows, presents an analysis of the magnitude of such flows, and makes policy recommendations for the curtailment of these illicit flows.
In her opening remarks for the UNDP Conference yesterday, UNDP Administrator Helen Clark said, “Illicit flows seriously impede LDCs’ efforts to raise resources for social and economic development. These flows are often absorbed into banks, tax havens, and offshore financial centers in developed countries.”
Key findings of the report include:
The GFI report on LDCs was commissioned by UNDP as a contribution to the United Nations IV High Level Conference on the Least Developed Countries in 2011. Read the UNDP press release on the report here.
The full report is available for download on the UNDP website here (PDF | 1.75 MB).
Click here for more information on the report's author, Dr. Kar.
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.gfip.org.