India fourth biggest exporter of IFFs: Report

With an average annual outflow of USD 51.03 billion, India is the fourth biggest exporter of Illicit financial flows (IFFs) over a decade with such financial flows surging to USD 1.1 trillion in 2013, according to a new report. Illicit financial flows (IFFs) are illegal movements of money or capital from one country to another. GFI classifies this movement as an illicit flow when the funds are illegally earned, transferred, and/or utilized. China, with USD 139.23 billion average annually (USD 1.39 trillion cumulative), was the biggest exporter of illicit financial flows from developing and emerging economies, according to a study released Wednesday by Global Financial Integrity (GFI), a Washington-based research and advisory organization. Russia with USD 104.98 billion average (USD 1.05trillion cumulative) and Mexico with USD 52.84 billion average (USD 528.44 billion cumulative) came next. India with USD 51.03 billion average (USD 510.29 billion cumulative) was fourth followed by Malaysia with USD 41.85 billion average annually (USD 418.54 billion cumulative) ranked fifth. Authored by GFI Chief Economist Dev Kar and GFI Junior Economist Joseph Spanjers, the report pegs cumulative illicit outflows from developing economies at USD 7.8 trillion between 2004 and 2013, the last year for which data are available. Courtesy: SME Times

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