On the Dirty Money Trail-New Report Tracks Hundreds of Billions in Illicit Finances to Points of Deposit
May 13th, 2010
May 13th, 2010
WASHINGTON, D.C.—A report released today from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion—are being deposited.
The new report, The Absorption of Illicit Financial Flows from Developing Countries: 2002-2006, rounds-out the groundbreaking analysis put forward in GFI’s 2008 report Illicit Financial Flows from Developing Countries: 2002-2006, which estimated that the developing world was losing $1 trillion per year to illicit financial practices.
The report will be revealed at a media event May 13th, 12:00pm-1:30pm, at the National Press Club in Washington, D.C.
Report findings will include:
“We are crossing a threshold in global finance regulation and poverty alleviation with these illicit flows studies,” said GFI director Raymond Baker. “For every $1 in aid that the Western world is sending into developing countries, $10 is lost. Our first report looked at how much these countries were losing. Today we have an idea of where that money is ending up. Halting this annual loss of capital is crucial to successful poverty alleviation and economic development.”
To RSVP for Thursday’s event, request a copy of the report, or schedule an interview with GFI spokespersons contact Monique Perry Danziger, email@example.com, 202-294-0740.
Lunch will be served.
The full report can be downloaded here…