Poor nations lose $1 trln in dirty money Record $991 billion lost to crime and corruption in 151 developing economies in 2012, up nearly 5 percent from 2011. Illicit financial flows are the most damaging economic problem plaguing the worlds developing and emerging economies, Baker said in a statement. It is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head-on. China, Russia, Mexico, India, Malaysia saw the largest outflow of dirty money - the proceeds from shady business, crime and corruption - over the decade and also in 2012. Sub-Saharan Africa suffered the biggest loss as a share of its economy, with the disappearance of dirty money averaging 5.5 percent of GDP. Nigeria and South Africa were among the top 12 nations with the largest volumes of illicit outflows. Asia was the region of the developing world with the greatest flow of dirty money over the decade, accounting for 40.3 percent of the world total, driven by China. aljazeera/news/africa/2014/12/poor-nations-lose-1-trln-dirty-money-20141215231138410732.html
Posted on: Tue, 16 Dec 2014 02:26:52 +0000