Sunday, April 26, 2009
Washington: India ranks fifth globally among 127 developing countries for illicit financial outflows, according to a report released by the Global Financial Integrity (GFI). The report "Illicit Financial Flows from Developing Countries: 2002-2006" estimates the total illegal capital flight from developing countries to be as high as USD 1 trillion per year.
In 2006 around ten dollars were lost due to illicit outflows on every one dollar received as official development assistance(ODA), it said in a statement released through Asianet. "This massive loss of assets is the greatest impediment to economic development and poverty alleviation and should be a concern for all nations," Raymond Baker, director GFI said.
According to the report, the total illicit financial outflows from India rose to USD 27.3 billion per year during the period 2002-2006. The illegal outflows involve activities such as corruption (bribery and embezzlement of national wealth), proceeds of illicit business that becomes illicit when transported across borders in violation of laws and regulatory frameworks.
Source: PTI
India ranks 5th in illicit financial outflows: report
Monday, April 27, 2009
India ranks 5th in illicit financial outflows: report
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This is not an official Blog site. This forum is run by team of ex- Corps of Signals, Indian Army, Veterans for social networking of Indian Defence Veterans. It is not affiliated to or officially recognized by the MoD or the AHQ, Director General of Signals or Government/ State.
The Report My Signal Forum will endeavor to edit/ delete any material which is considered offensive, undesirable and or impinging on national security. The Blog Team is very conscious of potentially questionable content. However, where a content is posted and between posting and removal from the blog in such cases, the act does not reflect either the condoning or endorsing of said material by the Team.
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