India ranked 3rd on black money list

International think-tank Global Financial Integrity has ranked India as third globally with an estimated $94.76 billion in illicit wealth outflows in 2012. Russia tops the list followed by China and Mexico in terms of the quantum of black money moving out of a country for 2012, the latest year for which the estimates have been compiled. The Washington based research group also said the illicit fund outflows from India accounts for nearly 10 percent of a record $991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate crime, corruption and tax evasion. The Indian Supreme Court constituted Special Investigation Team has also disclosed tracing unaccounted wealth worth Rs.14,958 crore within India which is being investigated by the Enforcement Directorate and the Income Tax Department. The issue of black money has been a matter of serious political debate in India, including during the last general elections.