US$7.8 Trillion drains from Developing World from 2004-2013
Trade Fraud Responsible for Illicit Outflows of US$6.5 Trillion
China, Russia, Mexico, India, Malaysia are Biggest Exporters of Illicit Capital over Decade
Sub-Saharan Africa Still Suffers Largest Illicit Outflows as % of GDP
WASHINGTON, DC – Illicit financial flows from developing and emerging economies surged to US$1.1 trillion in 2013, according to a study released Wednesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. Authored by GFI Chief Economist Dev Kar and GFI Junior Economist Joseph Spanjers, the report pegs cumulative illicit outflows from developing economies at US$7.8 trillion between 2004 and 2013, the last year for which data are available.