Financial Transparency Coalition

Earlier this week, I attended a fascinating event in parliament, called ‘Africa’s Missing Millions’. My quibble that the title should actually be ‘billions’ didn’t deter a standing-room-only crowd gathering to hear Dev Kar from Global Financial Integrity talk about his research into the vast sums of money that flow out of poor countries on a daily basis. Dev estimates that in 2008, $1.26 trillion in illicit money left developing countries.   This is a problem that’s getting worse – with outflows rising 18% each year since 2000 – particularly in Africa, which is rising by 28% a year.  Over...

Illicit financial inflows and illicit financial outflows must be added together in order to accurately measure the adverse impact of these flows on developing economies, explains Dr. Dev Kar.

Global Financial Integrity Lead Economist Dev Kar examines the role of illicit financial flows (IFFs) in the Greek debt crisis. IFFs cost Greece an estimated US$160 billion over the last decade.

Greece has been in the news a lot lately and as we all know, it has not been good news. By all accounts, the austerity measures being imposed on the population as a condition...

PARIS, Sep 16 (IPS) - Illegal capital flight in the form of corrupt, criminal and illicit commercial proceeds out of developing economies could be as high as one trillion dollars a year.