BEIJING: China is listed as the leading source of global outflows of tainted money with India ranking eighth in the list compiled by a Washington-based think tank, Global Financial Integrity. China lost $2.74 trillion and India $123 billion to international outflows of illicit cash between 2001 and 2010, it said.
Some 150 developing countries lost $5.9 trillion by way of illegal outflows in those 10 years, the Global Financial Integrity said in a report, which showed that the financial crisis has not adversely affected the production and flow of corrupt money.
The report, co-authored by an economist of Indian origin, Dev Kar, said the global outflows rose from $776 billion in 2009 amid the financial crisis to $859 billion in 2010. The all-time high of $871 billion was in 2008.
Malaysia with $64 billion in illegal outflows took the second position followed by Mexico. The bulk of illegal money flows accounting for 61% came from Asia. It is followed by just over 15% from the Western hemisphere and just over 10% from West Asia-Gulf and North Africa.
Illegal money out of China was $420 billion in 2010 and exceeded $2.7 trillion for the decade ending in 2010, which was nearly half that period's total for all developing countries.
India lost $123bn in black money in 10 yrs: US think tank report
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India lost $123bn in black money in 10 yrs: US think tank report
