WASHINGTON, D.C.—A May 2010 report from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion—are being deposited.

The report, The Absorption of Illicit Financial Flows from Developing Countries: 2002-2006, rounds-out the groundbreaking analysis put forward in GFI’s 2008 report Illicit Financial Flows from Developing Countries: 2002-2006, which estimated that the developing world was losing $1 trillion per year to illicit financial practices.

Report findings include:

Dev Kar & Devon Cartwright-Smith

Global Financial Integrity

March 2010

Africa lost $854 billion in illicit financial outflows from 1970 through 2008, according to this new report from Global Financial Integrity (GFI).  Illicit Financial Flows from Africa: Hidden Resource for Development debuts new estimates for volume and patterns of illicit financial outflows from Africa, building upon GFI's ground-breaking 2009 report, Illicit Financial Flows from Developing Countries: 2002-2006, which estimated that developing countries were losing as much as $1 trillion every year in illicit outflows. The new Africa illicit flows report is expected to feature prominently at the 3^rd Annual Conference of African finance ministers in Malawi, which is currently underway.

"The amount of money that has been drained out of Africa-hundreds of billions decade after decade-is far in excess of the official development assistance going into African countries," said GFI director Raymond Baker.  "Staunching this devastating outflow of much-needed capital is essential to achieving economic development and poverty alleviation goals in these countries."

Ann Hollingshead

Global Financial Integrity

March 2010

This report from Global Financial Integrity (GFI) on private, non-resident deposits in secrecy jurisdictions finds that the United States, United Kingdom, and the Cayman Islands are the most popular destinations for financial deposits by non-residents. Switzerland, Luxembourg, and Hong Kong also make the top 10 list of destinations.

Privately Held, Non-Resident Deposits in Secrecy Jurisdictions analyzes data from the Bank of International Settlements and the International Monetary Fund to measure total deposits by non-residents in areas considered secrecy jurisdictions under the definition established by the Tax Justice Network.

Ann Hollingshead
Global Financial Integrity
February 2010

A new Global Financial Integrity report estimates the developing world is losing roughly US$100 billion per year in tax revenue loss from illicit financial flows.

Download the Report (PDF)...

A new report by Global Financial Integrity,"Illicit Financial Flows from Developing Countries: 2002-2006," shows that the developing world is losing an increasing amount of money through illicit capital flight each year. 

Economist Version (Contains detailed statistical appendix)

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