Financial Transparency Coalition

In April of 2009, after becoming very upset by the evidence there are rivers of ‘black money’ flowing out of India, the president of the Bharatiya Janata Party (BJP), Rajnath Singh, told voters that if they elected his party into office he would, within 100 days, “bring back all the black money stashed in foreign banks and distribute among ‘the common poor people.’” As we know, the BJP did not come to power in India in 2009 so fortunately for Rajnath Singh, his party never needed to prove this monumental task was possible. It’s not, by the way. At the...

JOHANNESBURG – Almost $6 billion was spirited out of Angola in 2009, according to new data on Wednesday that highlight how much of the war-scarred African nation's oil wealth is stolen by a corrupt elite.

WASHINGTON, DC – A new report from Global Financial Integrity (GFI), “Illicit Financial Flows from Developing Countries: 2000-2009,” released this week shows that Russia has the second highest measured illicit outflows out of the developing world--US$427 billion from 2000-2008, an average of US$53 billion per year.

WASHINGTON, D.C. – Global Financial Integrity (GFI) released its annual analysis of the cost of crime, corruption, and trade mispricing on developing countries today. The report, “Illicit Financial Flows from Developing Countries: 2000-2009,” finds that approximately $6.5 trillion was removed from the developing world from 2000 through 2008. The report also examines illicit flows from Asia, which produced the largest portion of total outflows and makes projections for 2009. (Full report 3.35 MB, Tip Sheet 172KB)