Black Money – Domestic and International Efforts

India fourth-largest source of black money: Report

  1. This was stated in a report which was released recently by Global Financial Integrity (GFI), a research and advisory group based in Washington.
  2. According to the report, $1.1 trillion flowed out of developing and emerging economies illicitly in 2013 alone.
  3. The capital outflow mainly stemmed from tax evasion, crime, corruption and other illegal activities.
  4. China tops the list for 2004-2013, with $139 billion average illicit financial flow per annum, followed by Russia and Mexico.

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.

  1. This was stated in a report which was released recently by Global Financial Integrity (GFI), a research and advisory group based in Washington.
  2. According to the report, $1.1 trillion flowed out of developing and emerging economies illicitly in 2013 alone.
  3. The capital outflow mainly stemmed from tax evasion, crime, corruption and other illegal activities.
  4. China tops the list for 2004-2013, with $139 billion average illicit financial flow per annum, followed by Russia and Mexico.
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