Financial Transparency Coalition

WASHINGTON, DC – The illicit mispricing of trade cost the Philippines US$114 billion from 2000-2009 with total illicit outflows over the decade due to crime, corruption and tax evasion amounting to US$142 billion, finds a forthcoming report from Global Financial Integrity (GFI)—a Washington-based research and advocacy organization. The study,Illicit Financial Flows from Developing Countries over the Decade Ending 2009, which is embargoed for publication until Thursday, places the Southeast Asian nation in the top fifteen victims of illegal capital flight world-wide. Sarah Freitas, a GFI Economist who co-authored the report with GFI Lead Economist Dev Kar, leaked the news...

Many people wouldn’t guess it, but corruption is a big challenge for India. The problem isn’t new, but it has recently come under intense international focus. The fuss was sparked by this year’s Commonwealth Games, which are held between former British colonies, and were hosted in Dehli. Ironically, officials had hoped the games would showcase India’s increasing economic and political clout, but instead they were marred by deplorable living conditions for athletes and massive delays in building construction. It was soon revealed the blame for these circumstances could be traced to corruption. The chief of the...