India has been ranked the fourth-biggest source of black money, with $510 billion worth of illicit financial flows during 2004-2013, or $51 billion annually, on average.
- This was stated in a report which was released recently by Global Financial Integrity (GFI), a research and advisory group based in Washington.
- According to the report, $1.1 trillion flowed out of developing and emerging economies illicitly in 2013 alone.
- The capital outflow mainly stemmed from tax evasion, crime, corruption and other illegal activities.
- China tops the list for 2004-2013, with $139 billion average illicit financial flow per annum, followed by Russia and Mexico.