India sees illicit fund outflows of $128 bn in 2000-09 period: Ranked 15 globally

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India sees illicit fund outflows of $128 bn in 2000-09 period - India News - IBNLive

Washington: India witnessed illicit financial outflows of a staggering $128 billion during the 10 years to 2009, making it one of the biggest victims of illicit money among developing nations, says a report.

The startling data come at a time when the country is aggressively exploring ways to fight the black money menace.

The study by Washington-based research group Global Financial Integrity (GFI) showed that the developing world lost a whopping $8.44 trillion over the decade ended 2009.

The top 20 for the period 2000-2009 are

China ............................................. $2.74 trillion
Mexico ............................................ $504 billion
Russia ............................................ $501 billion
Saudi Arabia ................................. $380 billion
Malaysia ........................................ $350 billion
United Arab Emirates................... $296 billion
Kuwait ............................................ $271 billion
Nigeria ........................................... $182 billion
Venezuela ..................................... $179 billion
Qatar .............................................. $175 billion
Poland ............................................ $162 billion
Indonesia ....................................... $145 billion
Philippines .................................... $142 billion
Kazakhstan ................................... $131 billion
India ................................................ $128 billion
Chile .............................................. $97.5 billion
Ukraine ......................................... $95.8 billion
Argentina ...................................... $95.8 billion
South Africa .................................. $85.5 billion
Turkey............................................ $79.1 billion


Interestingly, it seems that India has improved in cutting its outflow because they are not even in the top 20 for 2009 despite being such a large economy
China ............................................. $291 billion
Saudi Arabia ................................. $82.3 billion
Poland ........................................... $66.3 billion
Malaysia ....................................... $46.8 billion
Mexico .......................................... $34.6 billion
Nigeria ......................................... $33.4 billion
Russia ........................................... $23.4 billion
Indonesia ...................................... $20.5 billion
United Arab Emirates .................. $19.5 billion
Venezuela ..................................... $18.8 billion
Iran .............................................. $18.1 billion
Azerbaijan .................................... $14.3 billion
Chile ............................................. $13.1 billion
South Africa ................................. $12.9 billion
Vietnam ....................................... $12.5 billion
Philippines .................................... $12.1 billion
Argentina ..................................... $11.7 billion
Thailand ....................................... $10.8 billion
Romania ...................................... $10.0 billion
Ukraine ........................................ $9.8 billion

In otherwords, if any illegal financial outflows took place in India, it must have been below US $ 9.8B and comparing that with comparable economies like China, Russia, Indonesia, that is quite good.

Source: Global Financial Integrity - Despite Global Financial Crisis, Illicit Financial Outflows from Developing World Remain High