Question: According to a report released in December 2015 by Global Financial Integrity’s (GFI’s) who tops the list for the outflow of illicit finances per annum?
(a) China
(b) India
(c) Russia
(d) Mexico
Ans (a)
Related facts:
- In December 2015 the US research and advisory institute Global Financial Integrity’s (GFI’s) published illicit Financial Flows from Developing Countries: 2004-2013 Report.
- China tops the list with $139 billion average outflow of illicit finances per annum.
- China was followed by Russia (104 billion dollars per annum) and Mexico (52.8 billion dollars per annum).
- India has been placed at fourth position in black money outflows among the developing and emerging economies.
- In case of India, 51 billion dollars black money out flowed per annum between the decade long period from 2004 to 2013.
- The study shows that illicit financial flows first surpassed $1 trillion in 2011 and have grown to $1.1 trillion in 2013, marking a dramatic increase from 2004, when illicit outflows totaled just $465.3 billion.
- During this decade-long period of 2004-2013, GFI estimates that more than half a trillion ($510 billion) went out of India and in the case of China the figure was $1.39 trillion and Russia $1 trillion.
Reference:
http://www.gfintegrity.org/report/illicit-financial-flows-from-developing-countries-2004-2013/
http://www.gfintegrity.org/wp-content/uploads/2015/12/IFF-Update_2015-Final.pdf