India with $128 billion capital flowing out illegally was the 15th largest victim of illicit financial outflows that cost developing countries a whopping $903 billion in 2009, according to a new study.
While $903 billion marks a drop from the $1.55 trillion that illicitly flowed out of the developing world in 2008, the study finds the decrease is almost entirely attributable to the global financial crisis rather than any governance improvements or economic reforms.
"This is a breathtakingly large sum at a time when developing and developed countries alike are struggling to make ends meet," said GFI Director Raymond Baker. "This report should be a wake-up call to world leaders that more must be done to address these harmful outflows."
Entitled 'Illicit Financial Flows from Developing Countries over the Decade Ending 2009', the report by Global Financial Integrity (GFI), a Washington-based research and advocacy organization, tracks the amount of illegal capital flowing out of 157 different developing countries from 2000 through 2009.
According to the report, the 20 biggest victims of illicit financial flows over the decade are:
China $2.74 trillion, Mexico $504 billion, Russia $501 billion, Saudi Arabia $380 billion, Malaysia $350 billion, United Arab Emirates $296 billion, Kuwait $271 billion, Nigeria $182 billion, Venezuela $179 billion, Qatar $175 billion, Poland $162 billion, Indonesia $145 billion, Philippines $142 billion, Kazakhstan $131 billion, India $128 billion, Chile $97.5 billion, Ukraine $95.8 billion, Argentina $95.8 billion, South Africa $85.5 billion and Turkey $79.1 billion.