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Illicit Financial Outflows from Ethiopia Nearly Doubled in 2009 to US$3.26 Bln, Says New GFI Report

African Nation Lost US$11.7 Billion in Illegal Capital Flight from 2000 through 2009, Writes GFI Economist

WASHINGTON, DC – Corruption, kickbacks and bribery are on the rise in Ethiopia, according to a forthcoming report from Global Financial Integrity, a Washington-based research and advocacy organization.  According to the study, illicit financial flows out of the African nation nearly doubled to US$3.26 Billion in 2009 over the previous year, with corruption, kickbacks and bribery accounting for the vast majority of that increase.

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Value Gap Analysis Results

Illicit Financial Flows to and from 148 Developing Countries: 2006-2015 Using Comtrade data, Global Financial Integrity estimated that in 2015, 21.7% of global trade between 148 developing countries and 36 advanced economies constituted illicit financial flows (IFFs),...

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Illicit Financial Flows are Significant and Persistent Drag on Developing Country Economies

A new analysis of illicit financial flows (IFFs) due to trade misinvoicing in 148 developing countries demonstrates that trade-related IFFs appear to be both significant and persistent features of developing country trade with advanced economies.

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Illicit Financial Flows from Developing Countries: 2004-2013

This December 2015 report from Global Financial Integrity, “Illicit Financial Flows from Developing Countries: 2004-2013,” finds that developing and emerging economies lost US$7.8 trillion in illicit financial flows from 2004 through 2013, with illicit outflows increasing at an average rate of 6.5 percent per year—nearly twice as fast as global GDP.

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Illicit Financial Flows: Significant Impediment to Achieving Sustainable Development Goal #6 — Ensuring Healthy Lives

WASHINGTON, DC – Analysis of illicit financial flows (IFFs) in the poorest nations shows that from 2008 – 2012 IFFs swamped national health spending in many countries.  The IFF/Health Spending ratios provided below give an indication of the...

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Illicit Financial Flows: Major Hurdle to Achieving Sustainable Development Goal #4 — Ensuring Quality Education

Washington, DC, September 8, 2015 – Analysis of illicit financial flows (IFFs) in the poorest nations shows that from 2008 – 2012 IFFs swamped national education spending in many countries.  The IFF/Education Spending ratios (see below) give an indication of the problem some countries will face in achieving Sustainable Development Goals #4.  GFI President Raymond Baker said that the UN commitment to “substantially reduce” IFFs in target 16.4 “is a welcome advance in the fight to curtail the damage illicit flows inflict on children around the globe.”

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GFI Applauds Mbeki Statements on Illicit Financial Flows at FfD3

Former President Continued Call on Africa’s and World’s Leaders to Prioritize Financial Transparency

WASHINGTON, DC – Global Financial Integrity (GFI) welcomes the statements made yesterday by former South African President Thabo Mbeki on illicit financial flows at the third Financing for Development Conference. At an event in Addis Ababa, Ethiopia, Mbeki noted that in order to address the issue of illicit flows “there needs to be a concerted and sustained campaign around the world.” “The principle challenge we face” he said, “is one of implementation.” He expressed optimism about the impact the Financing for Development conference will have on illicit flows noting that there is “a common commitment” to address the problem “at a global level and at a national level.”

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UN Member States Pledge To Address Illicit Flows

Governments Commit to “Substantially Reduce Illicit Financial Flows by 2030”

Development Accord Seeks to Curb an Estimated $1 Trillion in Annual Outflows

ADDIS ABABA, Ethiopia – Global Financial Integrity (GFI), the Africa Progress Panel (APP) and Jubilee USA applauded the global commitment made today at the Third Financing for Development Conference (FfD3) to reduce the massive flow of illicit funds from developing country economies. For the first time international consensus was reached on the importance of an issue that has been at the forefront of efforts by hundreds of research and development organizations for the last ten years. The negotiations concluded today and formal adoption of the document will take place on Thursday.

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