September 8th, 2014
RIO DE JANEIRO, Brazil / WASHINGTON, DC
– More than US$400 billion flowed illegally out of Brazil between 1960 and 2012— draining domestic resources, driving the underground economy, exacerbating inequality, and facilitating crime and corruption—according to a new report
to be published Monday, September 8th
at a press event in Rio de Janeiro by Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization.
Titled “Brazil: Capital Flight, Illicit Flows, and Macroeconomic Crises, 1960-2012
,” the study finds that trade misinvoicing—the fraudulent over- and under-invoicing of trade transactions—accounted for the vast majority (92.7 percent) of the country’s illicit financial outflows over the...
February 15th, 2013
WASHINGTON, DC – The Russian economy hemorrhaged US$211.5 billion in illicit financial outflows from 1994—the earliest year for which data is available following the dissolution of the Soviet Union—through 2011, according to a new report released Wednesday by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. The study, titled “Russia: Illicit Financial Flows and the Role of the Underground Economy,” also measures massive illicit inflows to the Russian economy of $552.9 billion over the 18-year time-span, raising serious questions about the economic and political stability of the nation currently chairing the G20.
December 13th, 2012
In our newest report, Illicit Financial Flows from Developing Countries 2001-2010, we look at illicit financial flows--the proceeds of crime, corruption, and tax evasion--leaving the developing world. Illicit financial flows are a type of capital flight, and have been a persistent plague on the developing world for some time now. Our new report will be released on Tuesday morning. But for today, I want to focus more narrowly on Zambia, one of the poorest nations on earth and one of the clearest examples of the damage caused by both illicit and licit capital flight.
November 27th, 2012
Léonce Ndikumana, a member of the Task Force Economist Advisory Council, appeared on The Real News to discuss his new research on capital flight from Africa. His work found that $1.6 trillion in capital flight and odious debt have left Africa from 1970-2010. Of that sum, he found that at least $619 billion had gone missing, and was illicit. Much of this, he argues, was facilitated by big western banks, tax havens, and other Western financial structures.