India ranks 4th in black money outflows: GFI Report | Current Affairs, Current Affairs 2017

India ranks 4th in black money outflows: GFI Report

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India ranks 4th in black money outflows: GFI ReportIndia has been placed at fourth position in black money outflows among the developing and emerging economies. It was revealed by Global Financial Integrity’s (GFI’s) Illicit Financial Flows from Developing Countries: 2004-2013 Report.

Record 1.1 trillion dollars flowed illicitly out of developing and emerging economies in 2013.
Top 10 countries: China (1st), Russia (2nd), Mexico (3rd), India (4th), Malaysia (5th), Brazil (6th), South Africa (75th), Thailand (8th), Indonesia (9th) and Nigeria (10th).

China tops the list with 139 billion dollars average outflow of black money per annum. It was around 258.64 billion dollars in year 2013. China was followed by Russia (104 billion dollars per annum) and Mexico (52.8 billion dollars per annum).

The illegal capital (black money) outflows are mainly attributed to tax evasion, crime, corruption and other illicit activity.

In case of India, 51 billion dollars black money outflowed per annum between the decade long period from 2004 to 2013.

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