India 4th largest in Asia for illicit money flows: Report

Lalit K Jha

Washington, Jan 18 (PTI) India is Asia''s fourthlargest exporter of illicit capital with an estimated outflowof a whopping USD 104 billion between 2000 and 2008, accordingto a US-based think tank which ranks China as the number onesource of illegal money.

In its latest report on illicit money, GlobalFinancial Integrity (GFI), a Washington-based think tank, saidAsia continues to produce the largest portion of illicitflows, almost half-trillion dollars in 2008 alone.

According to figures of illicit flow of money releasedby this think tank, China tops the list and is several timesthat of India.

Between 2000 to 2008, GFI estimated that the outflowof illicit money from China was USD 2.2 trillion. Malaysiafollows a distant second with USD 291 billion.

Philippines is ranked third with USD 109 billion,while both Indonesia and India are ranked fourth with USD 104billion each, says the report ''Illicit Financial Flows fromDeveloping Countries: 2000-2009'', released today.

On an average these five countries account for 96.5per cent of total illicit flows from Asia and 44.9 per cent offlows out of all developing countries.

However, it said that these (Asia region compared tototal developing world) shares have been declining; the topfive Asian countries transferred 36.9 per cent of illicitflows from all developing countries in 2008, down from 53.3per cent in 2000.

The report ranks countries according to magnitude ofoutflows with China ranking at the top followed by Russia (USD427 billion), Mexico (USD 416 billion), Saudi Arabia (USD 302billion) and Malaysia (USD 291 billion).

"India, which was the fifth largest exporter ofillicit capital in the 2008 IFF Report is now ranked 15thamong developing countries," the report said. (more) PTI LKJNSA AKJ