Financial Transparency Coalition

WASHINGTON, DC – Developing countries lost US$903 billion in illicit financial outflows in 2009 despite the massive slowdown in economic activity which rocked world markets in late 2008, finds a new study by Global Financial Integrity (GFI), a Washington-based research and advocacy organization.

According to an upcoming report that estimates the magnitude of illicit money leaving developing countries, the Philippines lost US$142 billion between 2000 and 2009. The amount of illicit money that left the economy puts the Philippines in the top 15 countries in outflows during the period. The report, titled Illicit Financial Flows from Developing Countries Over the Decade ending 2009, will be published by Washington, DC-based research group Global Financial Integrity on December 15.

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...

WASHINGTON, DC – Russia hemorrhaged over US$501 billion in illicit financial outflows in the ten years following Vladimir Putin’s rise to power according to 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, finds the nation lost more than US$50 billion per year from 2000 through 2009—making it the third largest victim of illegal capital flight. The data, revealed in a blog post today by GFI Economist Sarah Freitas on the website of the Task Force on Financial Integrity & Economic...