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Illicit financial outflows: Top 20 nations

Last updated on: January 23, 2013 07:28 IST

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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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.
Tags: , Mexico

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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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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.
Tags: , Saudi Arabia , Asia

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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.

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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.
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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.

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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.

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9. Indonesia

Outflow of illicit money: $109 billion

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Photographs: Reuters.
Tags: , Indonesia

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10. United Arab Emirates

Outflow of illicit money: $107 billion

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Photographs: Reuters.

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11. Iraq

Outflow of illicit money: $106 bn

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Photographs: Reuters.
Tags: , Iraq Outflow

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12. South Africa

Outflow of illicit money: $83.9 bn

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Photographs: Reuters.
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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.

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14. Costa Rica

Outflow of illicit money: $63.7 bn

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Photographs: Reuters.
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15. Qatar

Outflow of illicit money: $56.1 bn

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Photographs: Reuters.
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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.
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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.
Tags: , Poland

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18. Panama

Outflow of illicit money: $39.9 bn


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Photographs: Wikimedia Commons.
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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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20. Brunei

Outflow of illicit money: $37 bn





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