Illegal Capital Flight Handicaps Asian …

The recent report by Global Financial Integrity, a US-based group aimed at improving governance, contains some mind-boggling data about the prevalence of illicit money transfers costing developing countries hundreds of billions of dollars. The bottom line, the report says, is that over the past 10 years these countries have lost a total of US$5.8 trillion. Of this, Asia has accounted for nearly half, with China leading the field by a long way and Malaysia, Philippines, Indonesia and India all appearing in the top ten list of losers, who together account for 75 percent of the global total.

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