India third on black money list: GIF report
As per recently released Global Financial Integrity’s (GFI’s) 2014 Annual Global Update on Illicit Financial Flows report has placed India on third rank on black money list.
Key facts of report
- This report estimated that nearly $94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflowed in 2012 from India.
- In this report, Russia is on the top with USD 122.86 billion, followed by China at the second position (USD 249.57 billion) in terms of the quantum of black money moving out of a country for 2012.
- Cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
- Above three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).