Global Financial Integrity

 

New GFI Blog Post Reveals Venezuela Lost Over US$33 Billion in Illicit Outflows in 2008

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Clark Gascoigne, +1 202 293 0740 ext. 222

Data Part of a Forthcoming Global Financial Integrity Report on Illicit Outflows from the Developing World

WASHINGTON, DC – A new blog post published today on the website of the Task Force on Financial Integrity & Economic Development sheds light on the economic challenges facing Venezuela under its current leadership.  The post reveals new numbers from an upcoming Global Financial Integrity report on illicit financial flows (IFF) out of the developing world and explains the linkages between IFFs, poverty, censorship and corruption.

The blog post states:

While the [Chavez] regime struggles to get food into the country, it has allowed wealth to flow out. According to estimates from an upcoming Global Financial Integrity report, over US$33 billion of illicit capital left Venezuela in 2008 alone1. This means that almost 10% of Venezuela’s entire gross domestic product—all the goods and services produced by Venezuelans that year—left the country unaccounted for.

The full blog post can be read here.

The report is due out later this year with embargoed copies to be made available to members of the press in advance.  To request an embargoed copy, or submit any questions or comments on the upcoming report or IFFs, contact Clark Gascoigne, +1.202.293.0740 ext. 227 or Monique Perry Danziger, +1.202.293.0740 ext. 222.

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Footnotes:

  1. The 2008 estimates may be amended following revision of the underlying Balance of Payments (BoP-IMF) and External Debt (World Bank) data.