India ranked 8th in the list of countries with highest black money outflows

As per a report released by Global Financial Integrity (GFI), a Washington-based research and advocacy organization, India ranked 8^thon the list of countries with high black money outflows.

India suffered a black money outflow of $123 billion in 2001-2010. China heads the ranking with $US 2.74 trillion as illicit financial flows.

As per the report titled Illicit Financial Flows from Developing Countries: 2001-2010, Top 10 countries with the highest measured cumulative illicit financial outflows between 2001 and 2010 were:

1. China: US$2.74 trillion
2. Mexico: US$476 billion
3. Malaysia: US$285 billon
4. Saudi Arabia: US$210 billion
5. Russia: US$152 billion
6. Philippines: US$138 billion
7. Nigeria: US$129 billion
8. India: US$123 billion
9. Indonesia: US$109 billion
10. United Arab Emirates: US$107 billion

Asia accounted for 61.2% of outflows, and was still at the helm of such illegal parking of money among developing countries.

Developing countries lost $858.8 billion in “illicit outflows in 2010”, an increase of 11% from 2009.

Month: Current Affairs - December, 2012

Category: International / World Current Affairs