Illicit financial outflows: Top 20 nations
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The developing world lost $859 billion in illicit outflows in 2010, an increase of 11% over 2009, according to Global Financial Integrity. The capital outflows stem from crime, corruption, tax evasion, and other illicit activity.
The report finds that illicit financial flows. From 2001 to 2010, developing countries lost US$5.86 trillion to illicit outflows.
Illicit transfers of the proceeds of corruption, bribery, theft, and kickbacks, accounting on average for 19.9% of illicit outflows over the decade, are on the rise as a percentage of total illicit financial outflows, finds the Global Financial Integrity study.
Here's a list of the top 20 countries with the highest measured cumulative illicit financial outflows between 2001 and 2010...
1. China
China tops the illicit outflow list. Between 2001 to 2010, the outflow of illicit money from China was a whopping $2.74 trillion.
Asia still remains the primary driver of illicit flows from developing countries led by China. In fact, five of the ten countries with the highest illicit outflows are in Asia.
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Illicit financial outflows: Top 20 nations
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2. Mexico
Outflow of illicit money: $476 billion
Illicit outflows were found to drive Mexico's domestic underground economy, which includes - among other things - drug smuggling, arms trafficking and human trafficking.
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Image: A soldier stands inside a raided pawn shop while under investigation for money laundering in Tijuana.
Photographs: Jorge Duenes/Reuters.
Illicit financial outflows: Top 20 nations
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3. Malaysia
Outflow of illicit money: $285 billion
"Astronomical sums of dirty money continue to flow out of the developing world and into offshore tax havens and developed country banks," said GFI Director Raymond Baker.
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Illicit financial outflows: Top 20 nations
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4. Saudi Arabia
Outflow of illicit money: $210 billion
Conservatively estimated, illicit financial flows have increased in every region of developing countries. Asia saw a rise of 7.8 per cent in illicit flows during this period.
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Image: A salesman shows a customer gold rings at a jewellery shop in Riyadh.
Photographs: Reuters.
Illicit financial outflows: Top 20 nations
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5. Russia
Outflow of illicit money: $152 billion
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Image: People wait to buy foreign currency inside an exchange office of the Belarus bank in Minsk.
Photographs: Vasily Fedosenko/Reuters.
Illicit financial outflows: Top 20 nations
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6. Philippines
Outflow of illicit money: $138 billion
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Image: Filipino gunsmiths work in an illegal makeshift gun factory on the outskirts of Danao in central Philippines.
Photographs: Erik De Castro/Reuters.
Illicit financial outflows: Top 20 nations
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Nigeria
Outflow of illicit money: $129 billion
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Image: A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos.
Photographs: Akintunde Akinleye/Reuters.
Illicit financial outflows: Top 20 nations
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India
Outflow of illicit money: $123 billion
The Indian economy suffered $1.6 billion in illicit financial outflows in 2010, capping-off a decade in which the world's largest democracy experienced black money loses of $123 billion, according to the Global Financial Integrity, a Washington-based research and advocacy organization.
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Photographs: Reuters.
Illicit financial outflows: Top 20 nations
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9. Indonesia
Outflow of illicit money: $109 billion
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Photographs: Reuters.
Illicit financial outflows: Top 20 nations
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10. United Arab Emirates
Outflow of illicit money: $107 billion
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Photographs: Reuters.
Illicit financial outflows: Top 20 nations
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11. Iraq
Outflow of illicit money: $106 bn
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Photographs: Reuters.
Illicit financial outflows: Top 20 nations
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12. South Africa
Outflow of illicit money: $83.9 bn
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Photographs: Reuters.
Illicit financial outflows: Top 20 nations
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13. Thailand
Outflow of illicit money: $64.3 bn
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Image: A bank employee gathers Thai baht notes at Kasikornbank in Bangkok.
Photographs: Sukree Sukplang/Reuters.
Illicit financial outflows: Top 20 nations
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14. Costa Rica
Outflow of illicit money: $63.7 bn
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Photographs: Reuters.
Illicit financial outflows: Top 20 nations
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15. Qatar
Outflow of illicit money: $56.1 bn
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Photographs: Reuters.
Illicit financial outflows: Top 20 nations
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16. Serbia
Outflow of illicit money: $51.4 bn
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Image: A boy waits for his father as he sits in their vehicle in the southern Serbian town of Trgoviste.
Photographs: Marko Djurica/Reuters.
Illicit financial outflows: Top 20 nations
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17. Poland
Outflow of illicit money: $40.8 bn
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Image: Polish currency is seen at PKO SA Bank in Warsaw.
Photographs: Peter Andrews/Reuters.
Illicit financial outflows: Top 20 nations
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18. Panama
Outflow of illicit money: $39.9 bn
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Photographs: Wikimedia Commons.
Illicit financial outflows: Top 20 nations
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19. Venezuela
Outflow of illicit money: $37.9 bn
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Image: Venezuelans line up to cast their votes during a governors election in Caracas.
Photographs: Jorge Silva/Reuters.
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