Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6803887237f36-trace').style.display = (document.getElementById('cakeErr6803887237f36-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr6803887237f36-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6803887237f36-code').style.display = (document.getElementById('cakeErr6803887237f36-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr6803887237f36-context').style.display = (document.getElementById('cakeErr6803887237f36-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr6803887237f36-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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		&#039;title&#039; =&gt; &#039;India third on black money list: report&#039;,
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-PTI
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&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
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 - the latest year for which these estimates have been made.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
 These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. 
&lt;/p&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Hindu, 16 December, 2014, http://www.thehindu.com/news/india-third-on-black-money-list-report/article6696491.ece?homepage=true&#039;,
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-PTI


Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;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 - the latest year for which these estimates have been made.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. &lt;/p&gt;&lt;p align=&quot;justify&quot;&gt; These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. &lt;/p&gt;&#039;,
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	&#039;id&#039; =&gt; (int) 26765,
	&#039;title&#039; =&gt; &#039;India third on black money list: report&#039;,
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	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-PTI
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
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 - the latest year for which these estimates have been made.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
 These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. 
&lt;/p&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Hindu, 16 December, 2014, http://www.thehindu.com/news/india-third-on-black-money-list-report/article6696491.ece?homepage=true&#039;,
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-PTI


Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;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 - the latest year for which these estimates have been made.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. &lt;/p&gt;&lt;p align=&quot;justify&quot;&gt; These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. &lt;/p&gt;&#039;
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Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


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                <strong>India third on black money list: report</strong></h1>
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                <div align="justify">-PTI</div><p align="justify"><em>Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years</em></p><p align="justify"><em>Washington: </em>As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.</p><p align="justify">As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).</p><p align="justify">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 - the latest year for which these estimates have been made.</p><p align="justify">The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &quot;crime, corruption, and tax evasion&quot;.</p><p align="justify">As per GFI's 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.</p><p align="justify">This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).</p><p align="justify">In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.</p><p align="justify">The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC's Geneva branch.</p><p align="justify">Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.</p><p align="justify">The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.</p><p align="justify">As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. </p><p align="justify"> These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).</p><p align="justify">Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.</p><p align="justify">Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.</p><p align="justify">However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.</p><p align="justify">&quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies,&quot; GFI president Raymond Baker said.</p><p align="justify">&quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world's poor and middle-income economies,&quot; he said.</p><p align="justify">However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.</p><p align="justify">According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.</p><p align="justify">&quot;That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&quot; he said. </p>               </font>
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		&#039;title&#039; =&gt; &#039;India third on black money list: report&#039;,
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		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-PTI
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&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
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 - the latest year for which these estimates have been made.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.
&lt;/p&gt;
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Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.
&lt;/p&gt;
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As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
 These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.
&lt;/p&gt;
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However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.
&lt;/p&gt;
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&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.
&lt;/p&gt;
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According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
&lt;/p&gt;
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&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. 
&lt;/p&gt;&#039;,
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	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | India third on black money list: report&#039;,
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-PTI


Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;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 - the latest year for which these estimates have been made.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. &lt;/p&gt;&lt;p align=&quot;justify&quot;&gt; These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. &lt;/p&gt;&#039;,
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	&#039;id&#039; =&gt; (int) 26765,
	&#039;title&#039; =&gt; &#039;India third on black money list: report&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-PTI
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
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 - the latest year for which these estimates have been made.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
 These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. 
&lt;/p&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Hindu, 16 December, 2014, http://www.thehindu.com/news/india-third-on-black-money-list-report/article6696491.ece?homepage=true&#039;,
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-PTI


Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third...&#039;
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                <strong>India third on black money list: report</strong></h1>
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                <div align="justify">-PTI</div><p align="justify"><em>Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years</em></p><p align="justify"><em>Washington: </em>As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.</p><p align="justify">As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).</p><p align="justify">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 - the latest year for which these estimates have been made.</p><p align="justify">The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &quot;crime, corruption, and tax evasion&quot;.</p><p align="justify">As per GFI's 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.</p><p align="justify">This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).</p><p align="justify">In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.</p><p align="justify">The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC's Geneva branch.</p><p align="justify">Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.</p><p align="justify">The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.</p><p align="justify">As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. </p><p align="justify"> These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).</p><p align="justify">Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.</p><p align="justify">Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.</p><p align="justify">However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.</p><p align="justify">&quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies,&quot; GFI president Raymond Baker said.</p><p align="justify">&quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world's poor and middle-income economies,&quot; he said.</p><p align="justify">However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.</p><p align="justify">According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.</p><p align="justify">&quot;That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&quot; he said. </p>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6803887237f36-trace').style.display = (document.getElementById('cakeErr6803887237f36-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr6803887237f36-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6803887237f36-code').style.display = (document.getElementById('cakeErr6803887237f36-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr6803887237f36-context').style.display = (document.getElementById('cakeErr6803887237f36-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr6803887237f36-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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-PTI
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&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
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As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
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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 - the latest year for which these estimates have been made.
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The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.
&lt;/p&gt;
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As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
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This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).
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In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.
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The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.
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Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.
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The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.
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As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. 
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 These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).
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Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.
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Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.
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However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.
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&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.
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&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.
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However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.
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According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
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&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. 
&lt;/p&gt;&#039;,
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-PTI


Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;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 - the latest year for which these estimates have been made.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. &lt;/p&gt;&lt;p align=&quot;justify&quot;&gt; These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. &lt;/p&gt;&#039;,
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	&#039;id&#039; =&gt; (int) 26765,
	&#039;title&#039; =&gt; &#039;India third on black money list: report&#039;,
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	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-PTI
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&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
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 - the latest year for which these estimates have been made.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
 These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).
&lt;/p&gt;
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Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.
&lt;/p&gt;
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Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.
&lt;/p&gt;
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However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.
&lt;/p&gt;
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&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.
&lt;/p&gt;
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&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.
&lt;/p&gt;
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However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.
&lt;/p&gt;
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According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
&lt;/p&gt;
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&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. 
&lt;/p&gt;&#039;,
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-PTI


Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Washington: &lt;/em&gt;As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;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 - the latest year for which these estimates have been made.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &amp;quot;crime, corruption, and tax evasion&amp;quot;.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI&#039;s 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC&#039;s Geneva branch.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. &lt;/p&gt;&lt;p align=&quot;justify&quot;&gt; These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world&#039;s developing and emerging economies,&amp;quot; GFI president Raymond Baker said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world&#039;s poor and middle-income economies,&amp;quot; he said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;That&#039;s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&amp;quot; he said. &lt;/p&gt;&#039;
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Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


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                <strong>India third on black money list: report</strong></h1>
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                <div align="justify">-PTI</div><p align="justify"><em>Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years</em></p><p align="justify"><em>Washington: </em>As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.</p><p align="justify">As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).</p><p align="justify">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 - the latest year for which these estimates have been made.</p><p align="justify">The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &quot;crime, corruption, and tax evasion&quot;.</p><p align="justify">As per GFI's 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.</p><p align="justify">This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).</p><p align="justify">In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.</p><p align="justify">The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC's Geneva branch.</p><p align="justify">Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.</p><p align="justify">The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.</p><p align="justify">As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. </p><p align="justify"> These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).</p><p align="justify">Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.</p><p align="justify">Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.</p><p align="justify">However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.</p><p align="justify">&quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies,&quot; GFI president Raymond Baker said.</p><p align="justify">&quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world's poor and middle-income economies,&quot; he said.</p><p align="justify">However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.</p><p align="justify">According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.</p><p align="justify">&quot;That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&quot; he said. </p>               </font>
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-PTI
</div>
<p align="justify">
<em>Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years</em>
</p>
<p align="justify">
<em>Washington: </em>As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
</p>
<p align="justify">
As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
</p>
<p align="justify">
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 - the latest year for which these estimates have been made.
</p>
<p align="justify">
The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &quot;crime, corruption, and tax evasion&quot;.
</p>
<p align="justify">
As per GFI's 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
</p>
<p align="justify">
This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).
</p>
<p align="justify">
In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.
</p>
<p align="justify">
The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC's Geneva branch.
</p>
<p align="justify">
Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.
</p>
<p align="justify">
The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.
</p>
<p align="justify">
As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. 
</p>
<p align="justify">
 These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).
</p>
<p align="justify">
Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.
</p>
<p align="justify">
Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.
</p>
<p align="justify">
However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.
</p>
<p align="justify">
&quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies,&quot; GFI president Raymond Baker said.
</p>
<p align="justify">
&quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world's poor and middle-income economies,&quot; he said.
</p>
<p align="justify">
However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.
</p>
<p align="justify">
According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
</p>
<p align="justify">
&quot;That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&quot; he said. 
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Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third...',
	'disp' => '<div align="justify">-PTI</div><p align="justify"><em>Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years</em></p><p align="justify"><em>Washington: </em>As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.</p><p align="justify">As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).</p><p align="justify">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 - the latest year for which these estimates have been made.</p><p align="justify">The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &quot;crime, corruption, and tax evasion&quot;.</p><p align="justify">As per GFI's 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.</p><p align="justify">This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).</p><p align="justify">In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.</p><p align="justify">The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC's Geneva branch.</p><p align="justify">Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.</p><p align="justify">The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.</p><p align="justify">As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. </p><p align="justify"> These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).</p><p align="justify">Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.</p><p align="justify">Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.</p><p align="justify">However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.</p><p align="justify">&quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies,&quot; GFI president Raymond Baker said.</p><p align="justify">&quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world's poor and middle-income economies,&quot; he said.</p><p align="justify">However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.</p><p align="justify">According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.</p><p align="justify">&quot;That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&quot; he said. </p>',
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	'title' => 'India third on black money list: report',
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-PTI
</div>
<p align="justify">
<em>Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years</em>
</p>
<p align="justify">
<em>Washington: </em>As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
</p>
<p align="justify">
As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
</p>
<p align="justify">
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 - the latest year for which these estimates have been made.
</p>
<p align="justify">
The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &quot;crime, corruption, and tax evasion&quot;.
</p>
<p align="justify">
As per GFI's 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.
</p>
<p align="justify">
This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).
</p>
<p align="justify">
In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.
</p>
<p align="justify">
The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC's Geneva branch.
</p>
<p align="justify">
Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.
</p>
<p align="justify">
The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.
</p>
<p align="justify">
As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. 
</p>
<p align="justify">
 These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).
</p>
<p align="justify">
Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.
</p>
<p align="justify">
Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.
</p>
<p align="justify">
However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.
</p>
<p align="justify">
&quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies,&quot; GFI president Raymond Baker said.
</p>
<p align="justify">
&quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world's poor and middle-income economies,&quot; he said.
</p>
<p align="justify">
However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.
</p>
<p align="justify">
According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
</p>
<p align="justify">
&quot;That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&quot; he said. 
</p>',
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-PTI


Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years


Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third...'
$disp = '<div align="justify">-PTI</div><p align="justify"><em>Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years</em></p><p align="justify"><em>Washington: </em>As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.</p><p align="justify">As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).</p><p align="justify">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 - the latest year for which these estimates have been made.</p><p align="justify">The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate &quot;crime, corruption, and tax evasion&quot;.</p><p align="justify">As per GFI's 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion.</p><p align="justify">This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).</p><p align="justify">In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said.</p><p align="justify">The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC's Geneva branch.</p><p align="justify">Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department.</p><p align="justify">The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad.</p><p align="justify">As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. </p><p align="justify"> These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion).</p><p align="justify">Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion.</p><p align="justify">Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year.</p><p align="justify">However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively.</p><p align="justify">&quot;As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies,&quot; GFI president Raymond Baker said.</p><p align="justify">&quot;These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world's poor and middle-income economies,&quot; he said.</p><p align="justify">However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted.</p><p align="justify">According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.</p><p align="justify">&quot;That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda,&quot; he said. </p>'
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India third on black money list: report

-PTI Global Financial Integrity puts the cumulative illicit money moving out of the country at Rs 28 lakh crore in 10 years Washington: As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012. As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI). 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 - the latest year for which these estimates have been made. The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record USD 991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate "crime, corruption, and tax evasion". As per GFI's 2014 Annual Global Update on Illicit Financial Flows report, that the cumulative illicit outflows from developing economies for ten years between 2003 and 2012 stands at USD 6.6 trillion. This includes USD 439.59 billion worth illicit money that has moved out of India in these ten years, putting the country at fourth position in overall ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion). In these ten years, an average of USD 43.96 billion of black money is being sent out of India every year, GFI said. The estimate of these huge illegal money flow follows a Supreme Court-constituted Special Investigation Team (SIT) tracing Rs 4,479 crore in the accounts of Indians figuring in a list of account holders of HSBC's Geneva branch. Besides, the SIT has also disclosed tracing unaccounted wealth worth Rs 14,958 crore within India, which are now being investigated by the Enforcement Directorate and the Income Tax Department. The issue of black money has been matter of a serious political debate in India, including during the last general elections. While the new government has said it is committed to tackle this menace, there are no official figures for the overall size of illicit wealth stashed by Indians within the country or abroad. As per GFI estimates, the amount of illicit funds that moved out of India in 2012 was much lower than the same for neighbouring China, as also Russia. These three countries are followed by Mexico at the fourth place (USD 59.66 billion) and Malaysia at fifth (USD 48.93 billion). Authored by GFI chief economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study further said that illicit financial flows of a record high USD 991.2 billion in 2012 marks a dramatic increase from 2003, when size of such funds stood at USD 297.4 billion. Over the decade (2003-2012), the study found that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 per cent per year. However, in many parts of the world, particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 per cent, respectively. "As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies," GFI president Raymond Baker said. "These outflows-already greater than the combined sum of all FDI and ODA flowing into these countries - are sapping roughly a trillion dollars per year from the world's poor and middle-income economies," he said. However, the troubling fact is that these outflows are growing at an alarming rate of 9.4 per cent per year, which is twice as fast as global GDP, Baker noted. According to him, it is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on. "That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda," he said.