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About $70.5 billion on the average was moved from Russia illegally each year over the period, while IFFs accelerated from 2010 to 2012 to an average of $140 billion per year, which was more than 8.8% of the country's GDP, GFI said.
The peak year was in 2011 when $174 billion – an amount equal to 9.9% of Russia's GDP – fled the country illegally, according to the report.
A total of 90% of IFFs from Russia were due to the misinvoicing of trade — a way of funneling money across borders by deliberately raising the volume of actual exports, and the funds thus earned are then accumulated in foreign bank accounts.
Apart from Russia, GFI examined other developing nations such as India, Brazil, Mexico and the Philippines. The report noted that illegal movements of money were one of the main obstacles to developing the economy in these countries.
Russia has the highest IFFs-to-GDP ratio even in comparison with its 'closest competitors.' Namely Mexico and the Philippines demonstrated 4.5% of GDP, India 1.5% of GDP, and Brazil 1.6% of GDP.
Russia also tops the ranking in absolute values with $1.341 trillion in IFFs in 19 years. For example, Mexico saw $1.156 trillion in IFFs in a 42-year period, the report said, while IFFs from India amounted to $700 billion in 64 years.................
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