India ranks 4th in black money outflows with $1.1 trillion

INVESbmoneyAccording to an annual report released by Global Financial Integrity of Washington, India ranks fourth in black money outflows with $51 billion siphoned out of the country per annum between 2004-2013.

China heads the list with $139 billion average outflow of illicit finances per annum followed by Russia at $104 billion and Mexico at $52.8 billion per annum.

The illegal outflows come from tax evasion, crime, corruption and other illicit activities.

The report also shows that illicit financial flows first surpassed $1 trillion in 2011 and have grown to $1.1 trillion in 2013. China also had the largest illicit outflows of any country in 2013, amounting to $258.64 billion in the one year.

In its report the GFI recommends that world leaders focus on curbing opacity in the global financial system, that facilitates the enormous outflows.