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

 
 
 

46 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

1 hour ago

MakeMyTrip Limited's (MMYT) CEO Rajesh Magow on Q1 2015 Results - Earnings Call Transcript

Jul 31 2014 12:40am CDT | Source: SeekingAlpha

MakeMyTrip Limited (NASDAQ:MMYT) Q1 2015 Earnings Call July 30, 2014 10:00 am ET Executives Deep Kalra - Group Chairman, Group Chief Executive Officer and Founder Rajesh Magow - Co-Founder, Chief Executive Officer - India and Director Mohit Kabra - Group Chief Financial Officer Analysts Lloyd Walmsley - Deutsche Bank AG, Research Division Manish Hemrajani - Oppenheimer & Co. Inc., Research Division Gaurav A. Malhotra - Citigroup Inc, Research Divi ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
10

2 hours ago

Bandh called in Bangalore to protest rising crimes against women

Jul 31 2014 12:24am CDT | Source: Business Standard

A 'bandh' has been called in Bangalore today to protest the rising crimes against women in the city. The city bore a deserted look as public transport was off the roads and several shops, businesses and res ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
9

2 hours ago

Asian markets drift after Federal Reserve delivers no surprises with latest stimulus cut

Jul 30 2014 11:48pm CDT | Source: Canadian Business Online

MUMBAI, India – Asian stock markets were uninspired by an upbeat report on the U.S. economy, with most drifting lower Thursday after the U.S. Federal Reserve said it would make further cuts to its monetary stimulus as expected. KEEPING SCORE: The Hang Seng in Hong Kong slipped 0.1 per cent to 24,695.71 while Tokyo’s Nikkei was up 0.4 per cent to 15,711.94. South Korea’s Kospi shed 0.3 per cent to 2,076.14 and China’s Shanghai Comp ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
8

3 hours ago

Bangalore bandh: City to protest crimes against women and children

Jul 30 2014 11:19pm CDT | Source: HeadlinesToday.in

The bandh comes after the public outrage over the alleged recent gangrape of a six-year-old girl at ...
Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
Update
6

3 hours ago

Race to find India landslide missing

Jul 30 2014 11:08pm CDT | Source: BBC News

Rescue workers in western India worked through the night to locate survivors of a landslide that has claimed at least 21 lives and buried ...
Source: BBC News   Full article at: BBC News
 

 
Update
5

10 hours ago

India: Tough Talk And The Bali Trade Facilitation Agreement

Jul 30 2014 4:32pm CDT | Source: Forbes Real Time

Last week India’s top trade negotiators told the World Trade Organization (WTO) that India would not support the package of trade facilitation measures that had been agreed to last December at the Bali ministerial. Because adoption of these measures must be done by con ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
4

11 hours ago

India: entire village buried under massive mudslide

Jul 30 2014 3:24pm CDT | Source: Euronews

An entire village has been buried under a massive mudslide. Torrential rains in rural western India have triggered the landsli ...
Source: Euronews   Full article at: Euronews
 

 
Update
3

12 hours ago

No immunity scheme to bring back black money: Jaitley

Jul 30 2014 2:14pm CDT | Source: Business Standard

Rajya Sabha returns Finance Bill to Lok Sabha; budgetary process over in both Houses, President nod nee ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
2

14 hours ago

Update: Euronet Worldwide Earnings-Strong Revenue And EPS Growth, Guidance Exceeds Expectations

Jul 30 2014 12:28pm CDT | Source: SeekingAlpha

ByMartin Vlcek:Euronet Worldwide, Inc. (NASDAQ:EEFT) reported strong Q2 results (Press release, SEC filing, conference call, presentation), especially on the top line. Revenue reached $395.5M, robustly up 16% Y/Y, of which 2% was attributed to currency tailwinds. Operating income was $34.1M, up 23% Y/Y, of which 6% was due to currencies. Adjusted EBITDA reached $54.8M, a 15% increase (11% in ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
1

14 hours ago

Amazon plots $2 billion expansion in India to counter Flipkart

Jul 30 2014 11:51am CDT | Source: Mercury News

The world's largest online retailer is facing off in India against a new name in e-commerce that was founded by former Amazon ...
Source: Mercury News   Full article at: Mercury News
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Alcohol kills 15 Australians everyday
Canberra, July 31 (IANS) Alcohol causes 15 deaths and hospitalises 430 Australians every day with the numbers rapidly increasing over the past decade, a new study released Thursday said.
 
 
App that pays you for exercise
New York, July 31 (IANS) Will you miss your workout if you had to pay for it? If money motivates you more than fitness, an app is here to either reward or punish you.
 
 
Decreased carbon dioxide formed Antarctic ice sheet?
New York, July 31 (IANS) Turning a long-held climate shift theory on its head, researchers have found that decreased carbon dioxide (CO2) levels during a major climate shift 34 million years ago led to initiation of Antarctic glaciation.
 
 
Tidal forces gave moon its shape: Study
Washington, July 31 (IANS) What gave the moon its overall shape? Tidal forces.
 
 
 

Latest from the Network

Jessie J to move to US
Los Angeles, July 31 (IANS) Singer Jessie J says she is planning to move to the US within the next 18 months. The London-born singer, 26, is currently promoting new single "Bang Bang", a collaboration with Nicki Minaj...
Read more on Celebrity Balla
 
Alcohol kills 15 Australians everyday
Canberra, July 31 (IANS) Alcohol causes 15 deaths and hospitalises 430 Australians every day with the numbers rapidly increasing over the past decade, a new study released Thursday said. VicHealth and Foundation for...
Read more on Business Balla
 
Australia suspends athletics head coach
Glasgow, July 31 (IANS) Australia's head coach here at the Commonwealth Games Eric Hollingsworth has been suspended by Athletics Australia (AA) after his outburst at Olympic gold medallist and team captain Sally...
Read more on Sport Balla
 
Tom Hardy to play Marco Pierre White in biopic?
Tom Hardy wants to play Marco Pierre White in the Hollywood film based on his life. The 36-year-old actor is keen to star as the bad boy chef in the upcoming biopic, which is being directed by Ridley Scott, after...
Read more on Movie Balla
 
App that pays you for exercise
New York, July 31 (IANS) Will you miss your workout if you had to pay for it? If money motivates you more than fitness, an app is here to either reward or punish you. Pact is an app which uses money to track your...
Read more on Business Balla
 
Decreased carbon dioxide formed Antarctic ice sheet?
New York, July 31 (IANS) Turning a long-held climate shift theory on its head, researchers have found that decreased carbon dioxide (CO2) levels during a major climate shift 34 million years ago led to initiation of...
Read more on Apple Balla
 
Tidal forces gave moon its shape: Study
Washington, July 31 (IANS) What gave the moon its overall shape? Tidal forces. In the fresh look into moon's formation, researchers incorporated tidal effects into their analysis. They also took into account the large...
Read more on Apple Balla
 
Share domestic chores for super sex life
New York, July 31 (IANS) Do you often ignore sharing household chores with your spouse? Start helping her from now on as it comes with an extra incentive - better, hotter sex. According to an interesting study, "...
Read more on Celebrity Balla
 
Bees select best flowers even before landing
London, July 31 (IANS) For rearing their young, bees need to be able to select flowers providing the most nutritious pollen and they know it even before landing on the flower simply by looking at the colour of the...
Read more on Politics Balla
 
Kendall Jenner wants to win Harry Styles back
Kendall Jenner reportedly believes she and Harry Styles are ''meant to be together.'' The 18-year-old model has secured backstage VIP passes for several One Direction shows and is determined to use the band's 'Where We...
Read more on Celebrity Balla