360° Coverage : Illicit outflows fleeced India, Asian nations of billions

12 Updates
Illicit outflows fleeced India, Asian nations of billions
Photo Credit: PRAKASH MATHEMA, Getty Images

Illicit outflows fleeced India, Asian nations of billions

Sep 8 2013, 4:10am CDT | by IANS

Accra, Sep 8 (IANS) India, Malaysia and Indonesia were fleeced to the tune of $517 billion through illicit financial outflows over the past decade, Washington-based research and advocacy organisation Global Financial Integrity (GFI) has said.

Accra, Sep 8 — India, Malaysia and Indonesia were fleeced to the tune of $517 billion through illicit financial outflows over the past decade, Washington-based research and advocacy organisation...

Filed under: news

YouTube Videos Tweets

 
 
 

49 weeks ago

Illicit outflows fleeced India, Asian nations of billions

Sep 8 2013, 4:10am CDT | by IANS

Accra, Sep 8 (IANS) India, Malaysia and Indonesia were fleeced to the tune of $517 billion through illicit financial outflows over the past decade, Washington-based research and advocacy organisation Global Financial Integrity (GFI) has said.

Accra, Sep 8 — India, Malaysia and Indonesia were fleeced to the tune of $517 billion through illicit financial outflows over the past decade, Washington-based research and advocacy organisation Global Financial Integrity (GFI) has said.

"India suffered illicit financial outflows of $123 billion, Malaysia haemorrhaged $285 billion in illegal capital flight and Indonesia lost $109 billion in dirty money," GFI said in a report.

GFI, which seeks to promote transparency in the international financial system, also said Russia "experienced illicit inflows and outflows totalling $764.3 billion since the collapse of the Soviet Union.

"Our research shows that illicit financial flows are one of the biggest hindrances to economic growth and one of the primary drivers of inequality in rich and poor nations alike," said GFI president Raymond Baker.

"The global economy is at a very tenuous place right now with major emerging economies like India, Brazil, and Malaysia in turmoil, China showing signs of slower growth and European nations just beginning a very fragile recovery," Baker added.

GFI said its research has shown that tax haven secrecy, anonymous shell companies and trade-based money laundering facilitated the illegal outflow of roughly $261 billion from the Greek economy in the lead-up to the European debt crisis, drained $3.79 trillion from China between 2000 and 2011, and tax haven abuse is estimated to cost U.S. taxpayers roughly $150 billion per year.

"No G20 nation is immune to the consequences of money laundering and tax evasion. This is a global epidemic that world leaders ignore at their own peril," Baker noted.

"Automatic exchange of tax information between jurisdictions is one of the best ways to begin curtailing this problem. It ensures that tax authorities and law enforcement in both rich and poor countries have the necessary records they require to detect and deter tax evasion," GFI said.

GFI also said G20 nations should move seriously toward curtailing abusive tax avoidance by multinational corporations by requiring that they publicly disclose revenues, profits made, losses, taxes paid, subsidiaries, and staff levels on a country-by-country basis. A July report from the OECD on Base Erosion and Profit Shifting (BEPS) failed to endorse this simple premise, eliciting disappointment from civil society.

In April, the European Union adopted requirements that all financial institutions disclose profits made, taxes paid, subsidiaries, and staff levels on a country-by-country basis and EU leaders announced in May that they were considering requiring all multinational companies to also do so.

Beyond country-by-country reporting and the automatic exchange of tax information, GFI highlighted the need to crackdown on the secrecy behind anonymous shell companies.

It has now been proved by the US Department of Justice that anonymous shell companies are the most widely used method for laundering the proceeds of crime, corruption and tax evasion. These phantom companies are known to facilitate sex slavery, arms trafficking and drug dealing. They are also used to disguise campaign contributions, get around being barred from an industry and duping other business owners.

Noting the important work done by the G20's Working Group on Anti-Corruption over the past few years, GFI urged world leaders to make the mandate of the Group permanent.

"The Anti-Corruption Working Group is a vital forum for ensuring that anti-corruption is an integral part of global economic policy. There's no reason for the Working Group's mandate to be only two years in length. We hope to see it incorporated as a permanent voice within the G20 framework," GFI said.

(Francis Kokutse can be contacted at fkokutse@hotmail.com)

IANS

Source: IANS

 
Update
12

Tweets

 
 
Update
11

2 hours ago

Modi govt sent message to Pak by cancelling talks: Amit Shah

Aug 22 2014 12:20pm CDT | Source: HeadlinesToday.in

The BJP chief said that the Modi government has made a new beginning like campaign for cleanliness, construction of toilets and promotion of manu ...
Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
Update
10

6 hours ago

CLT20 2014: Top cricketers choose IPL giants over domestic teams

Aug 22 2014 8:27am CDT | Source: HeadlinesToday.in

The highly-awaited Champions League T20 tournament is scheduled to be played in India from September 13 to October ...
Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
Update
9

6 hours ago

Govt sets up a four-member panel to re-examine gas pricing

Aug 22 2014 7:44am CDT | Source: Reuters India

NEW DELHI (Reuters) - India has set up a four-member panel of secretaries from different ministries to work out a new gas pricing mechanism, a senior official at the oil ministry said on ...
Source: Reuters India   Full article at: Reuters India
 

 
Update
8

7 hours ago

India sets out to secure itself against China

Aug 22 2014 7:29am CDT | Source: The Nation - Pakistan

NEW DELHI- After basing its most potent Sukhoi-30MKI fighters at Tezpur and Chabua, India has now begun deploying six Akash surface-to-air missile (SAM) squadrons in the northeast to deter Chinese jets, helicopters and drones. Defense ministry sources said IAF have started getting deliveries of the six Akash missile squadrons, which can ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
6

7 hours ago

Govt reforms to help make India $4.5 trn economy: Report

Aug 22 2014 7:28am CDT | Source: Bridgeville Public Library

According to a Dun & Bradstreet (D&B) report, India is likely to achieve an average growth rate of around 7.5 per cent during ...
Source: Bridgeville Public Library   Full article at: Bridgeville Public Library
 

 
Update
5

8 hours ago

Why you won’t see Amazon drones delivering packages in N.C. any time soon

Aug 22 2014 6:25am CDT | Source: Charlotte Business Journal

Don’t expect to see Amazon (NASDAQ:AMZN) cardboard flying through the skies of any N.C. cities — at least not anytime soon. Reports are circulating that Amazon plans to pilot drones as a delivery option in India. But here in North Carolina, there are several regulatory barriers to prevent a company from piloting a box to your doorstep. And not just the Federal Aviation Administration, which has yet to buckle on its stance tha ...
Source: Charlotte Business Journal   Full article at: Charlotte Business Journal
 

 
Update
4

8 hours ago

'Goa's open-cast mines can generate hydel power'

Aug 22 2014 6:13am CDT | Source: Business Standard

Sahgal, a member of the National Wildlife Board, said that mining is necessary but not at such a scale that ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
3

10 hours ago

Arun Jaitley should apologise to female fraternity: Shobha Oza

Aug 22 2014 4:10am CDT | Source: Business Standard

Jaitley, however, clarified his remarks today by saying that they had been misconstr ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
2

11 hours ago

EZMove raises Rs 1 crore from angel investments

Aug 22 2014 3:20am CDT | Source: Business Standard

Pune-based EZMove, an online aggregator of relocation services, has successfully raised an angel round of funding from a clutch of investors across the U ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
1

11 hours ago

Water reservoirs at 65 pct of capacity in past week

Aug 22 2014 3:15am CDT | Source: Reuters India

NEW DELHI (Reuters) - Water levels in India's main reservoirs in the week to Aug. 21 were at 65 percent of capacity, down 12 percentage points from a year earlier, government data sh ...
Source: Reuters India   Full article at: Reuters India
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Irish man tests negative for Ebola virus
Dublin, Aug 22 (IANS) Laboratory test samples of an Irish man, who died after recently returning from Africa, have proved negative for Ebola virus, health authorities in Ireland said Friday.
 
 
Soyuz rocket carrying two Galileo satellites lifts off
Brussels, Aug 22 (IANS) A Soyuz rocket carrying two Galileo satellites, the fifth and sixth of Europe's Galileo global satellite navigation system, lifted off from the spaceport in French Guiana Friday, the European Space Agency (ESA) has announced.
 
 
Fresh cases of Ebola recorded in Nigeria: Official
Abuja, Aug 22 (IANS) Fresh cases of the Ebola virus disease have been recorded in Nigeria, where the highly contagious disease has already claimed five lives, Minister of Health Onyebuchi Chukwu said Friday.
 
 
Fuel cell technology gets a boost
Washington, Aug 22 (IANS) In an impetus for fuel cell technology to build "smart" cars, scientists at Stanford University have developed a low-cost, emissions-free device that uses an ordinary AAA battery to produce hydrogen by water electrolysis.
 
 
 

Latest from the Network

Irish man tests negative for Ebola virus
Dublin, Aug 22 (IANS) Laboratory test samples of an Irish man, who died after recently returning from Africa, have proved negative for Ebola virus, health authorities in Ireland said Friday. Ireland's Health Service...
Read more on Business Balla
 
Looking forward to working with Modi government: Singapore PM
Singapore, Aug 22 (IANS) Singapore Prime Minister Lee Hsien Loong Friday said his country hopes to work with India in areas of infrastructure and education, and expressed his desire to meet his Indian counterpart...
Read more on Politics Balla
 
India beat Middlesex by 95 runs
London, Aug 22 (IANS) India returned to winning ways albeit in a warm-up cricket match, registering a comfortable 95-run win over Middlesex at Lord's here Friday. India were dismantled 3-1 in the Test series,...
Read more on Sport Balla
 
Pakistan: Tensions ease as PTI agrees to resume talks (Roundup)
Islamabad, Aug 22 (IANS) Tensions in the Pakistani political landscape eased Friday with the Imran Khan-led Pakistan Tehreek-i-Insaf (PTI) party agreeing to return to the negotiating table as the Senate or the upper...
Read more on Politics Balla
 
Ukrainian rebels kill four soldiers
Kiev, Aug 22 (IANS) At least four security personnel have been killed and 23 wounded in clashes with rebels in eastern Ukraine, authorities said Friday. Four Ukrainian servicemen were killed Thursday overnight in...
Read more on Politics Balla
 
Miley Cyrus concert banned in Dominican Republic
Santo Domingo, Aug 22 (IANS/EFE) The Dominican Republic government has banned a concert where US pop star Miley Cyrus was scheduled to perform in the nation's capital Sep 13. In a notice sent to the SD Concerts and...
Read more on Celebrity Balla
 
George Clooney's ex Elisabetta Canalis engaged
George Clooney's ex Elisabetta Canalis has got engaged. The 35-year-old beauty is set to tie the knot with Brian Perri in Italy next month, as is George and his new fiancée Amal Alamuddin, after the orthopedic surgeon...
Read more on Celebrity Balla
 
Mariah Carey's jealously to blame for split?
Mariah Carey's jealousy is reportedly partly to blame for her and Nick Cannon's split. The 44-year-old singer is said to have trust issues with her spouse - with whom she has four-year-old twins Moroccan and Monroe -...
Read more on Celebrity Balla
 
Jessica Alba is 'fearless' after motherhood
Jessica Alba has become ''fearless'' since motherhood. The 33-year-old actress admits her whole perspective of her career has changed since welcoming her daughter Honor, six, and Haven, three, into the world with her...
Read more on Celebrity Balla
 
Daniel Radcliffe wants fans to forget Harry Potter
Daniel Radcliffe wants his fans to forget about 'Harry Potter'. The 25-year-old actor is currently starring in romantic comedy 'What If', and despite its success, the actor is resigned to the fact the comparisons to his...
Read more on Celebrity Balla