Financial Transparency Coalition

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.

New Global Financial Integrity Report Reveals Russia is Losing US$50 Billion Annually in Illicit Outflows

Recent news from Russia confirms that corruption is a serious issue that, unless curbed, can prevent the country from emerging as a global economic powerhouse. Corruption in Russia has been a hangover from the Soviet Union days. It is just that the forces of globalization have provided old hands and the up-and-coming younger generation of Russians with unprecedented opportunities to make money under the table. Of course, the exponential increase in Russia’s natural resource exports (such as petroleum products and natural gas) has...

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)

In December 2008, Global Financial Integrity (GFI) published a report entitled Illicit Financial Flows from Developing Countries: 2002-2006 (referred to as the 2008 IFF report). The 2010 IFF report is an update of the first with the added value of a focus on Asia. This study analyzes outflows from Asia in somewhat greater depth with particular reference to outflows from the top five Asian exporters of illicit capital. In response to several requests for more up-to-date analysis of illicit flows, the present update also estimates the volume and pattern of illicit flows in 2009 based on macroeconomic projections and...