Display results as :
Advanced Search
RSS feeds

Social bookmarking
Social bookmarking digg  Social bookmarking delicious  Social bookmarking reddit  Social bookmarking stumbleupon  Social bookmarking slashdot  Social bookmarking yahoo  Social bookmarking google  Social bookmarking blogmarks  Social bookmarking live      

Bookmark and share the address of UKRAINE ENGLISH NEWS on your social bookmarking website

Go down
Posts : 18379
Join date : 2015-05-20
Location : United States

GFI designates Russia as global illicit financial flows leader

on Fri Sep 25, 2015 1:25 pm
Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization, estimates that illicit financial flows (IFFs) from Russia between 1994 and 2012 totaled $1.341 trillion, thus placing it at the top of the rating of the countries with the highest IFF level along with India, the Philippines, Mexico, and Brazil, according to Russian newspaper

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.................

To read further go to this link:
Back to top
Permissions in this forum:
You cannot reply to topics in this forum