India stood at fourth place in black money outflows with an unbelievable $51 billion flowing out of the country per annum in 2004-2013, a report by US-based think-tank revealed.
China tops the black money outflow list with $139 billion per annum outflow, followed by Russia ($104 billion per annum) and Mexico ($52.8 billion). Titled ‘Illicit Financial Flows from Developing Countries: 2004-2013’, the annual report released by Global Financial Integrity (GFI), a Washington-based research and advisory organization, illicit financial flows from emerging nations stood at $1.1 trillion by year 2013.
From 2004 to 2013, Black Money outflows from India contribute over US $510 billion. The illegal money outflows from China and Russia stood at US $1.39 trillion and US $1 trillion during the same period.
This study demonstrates that illicit financial flows are the biggest damaging economic problem faced by the developing and emerging economies of the world. In the report, GFI recommends that world leaders must focus on establishing public registries of verified ownership information on all legal entities to curb the illegal outflow.
