India ranked 8th in the list of countries with highest black money outflows
As per a report released by Global Financial Integrity (GFI), a Washington-based research and advocacy organization, India ranked 8thon the list of countries with high black money outflows.
India suffered a black money outflow of $123 billion in 2001-2010. China heads the ranking with $US 2.74 trillion as illicit financial flows.
As per the report titled Illicit Financial Flows from Developing Countries: 2001-2010, Top 10 countries with the highest measured cumulative illicit financial outflows between 2001 and 2010 were:
- China: US$2.74 trillion
- Mexico: US$476 billion
- Malaysia: US$285 billon
- Saudi Arabia: US$210 billion
- Russia: US$152 billion
- Philippines: US$138 billion
- Nigeria: US$129 billion
- India: US$123 billion
- Indonesia: US$109 billion
- United Arab Emirates: US$107 billion
Asia accounted for 61.2% of outflows, and was still at the helm of such illegal parking of money among developing countries.
Developing countries lost $858.8 billion in “illicit outflows in 2010”, an increase of 11% from 2009.