{"id":12714,"date":"2017-05-01T17:35:17","date_gmt":"2017-05-01T16:35:17","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12714"},"modified":"2017-05-01T17:35:17","modified_gmt":"2017-05-01T16:35:17","slug":"nigeria-other-developing-emerging-economies-lost-us1trillion-to-illicit-financial-flow-in-2014-report","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-other-developing-emerging-economies-lost-us1trillion-to-illicit-financial-flow-in-2014-report\/","title":{"rendered":"Nigeria, Other Developing, Emerging Economies Lost US$1trillion To Illicit Financial Flow in 2014—Report"},"content":{"rendered":"

Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly US$1 trillion in 2014, according to a study released on Monday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization.<\/p>\n

The report pegs illicit financial outflows at 4.2-6.6 percent of developing country total trade in 2014, the last year for which comprehensive data are available.<\/p>\n

Titled \u201cIllicit Financial Flows to and from Developing Countries: 2005-2014,\u201d the report is the first global study at GFI to equally emphasize illicit outflows and inflows. Each is found to have remained persistently high over the period between 2005 and 2014. Combined, these outflows and inflows are estimated to account for between 14.1 and 24.0 percent of developing country trade, on average.<\/p>\n

\u201cThe order of magnitude of these estimates, much more so than their exactitude, warrants serious attention in both the developing countries and the wealthier world,\u201d said GFI President Raymond Baker, a longtime authority on financial opacity.<\/p>\n

\u201cYears of experience with businesses and governments in the developing world have taught us that the decision to bring illicit flows into a particular developing country often marks only the first phase of a strategy to subsequently move funds out of the country. Together, illicit inflows and outflows sap the crucial financial resources needed to reach the Sustainable Development Goals.\u201d<\/p>\n

Additional Findings by the report shows that
\nan average of 87 percent of illicit financial outflows over the 2005-2014 period were due to the fraudulent misinvoicing of trade.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Illicit financial outflows from Sub-Saharan Africa ranged from 5.3 percent to 9.9 percent of total trade in 2014, a ratio higher than any other geographic region studied.<\/p>\n

Total illicit financial flows (outflows plus inflows) grew at an average rate of between 8.5 percent and 10.1 percent a year over the ten-year period.<\/p>\n

In 2014, outflows are estimated to have ranged between $620 billion and $970 billion, while inflows ranged between $1.4 trillion and $2.5 trillion.<\/p>\n

It will be recall that, US$620 billion-970 billion was drained from developing world in 2014, primarily through trade fraud. Illicit inflows which is similarly harmful, was estimated at $1.4-$2.5 trillion in 2014. Also combined, illicit outflows and inflows accounted for 14.1-24.0 percent of total developing country trade over 2005-2014, even as Sub-Saharan Africa Still Suffers Largest Illicit Outflows as percent of GDP<\/p>\n","protected":false},"excerpt":{"rendered":"

Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly US$1 trillion in 2014, according to a study released on Monday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. The report pegs illicit financial outflows at 4.2-6.6 percent of developing country total trade in 2014, the last year …<\/p>\n","protected":false},"author":11,"featured_media":12715,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[1797],"coauthors":[2392,2393],"class_list":["post-12714","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-illicit-trade"],"yoast_head":"\nNigeria, Other Developing, Emerging Economies Lost US$1trillion To Illicit Financial Flow in 2014-Report - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-other-developing-emerging-economies-lost-us1trillion-to-illicit-financial-flow-in-2014-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria, Other Developing, Emerging Economies Lost US$1trillion To Illicit Financial Flow in 2014-Report - National Wire\" \/>\n<meta property=\"og:description\" content=\"Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly US$1 trillion in 2014, according to a study released on Monday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. 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