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Global Financial Integrity estimates developing countries lost US$903 billion in illicit financial flows in 2009.
It might be most helpful if we travel around the world. These numbers are big. But they are only as important as the countries (and the lives) that they hurt.
Extortion is so widespread that it has “become the business of the Interior Ministry and the federal intelligence service.”
The government has transformed into an organization more closely resembling “the mafia” and the line separating government from business is so blurred it is nearly non-existent.
Based on a study of 2004-2008, India lost assets at a rate of $19 billion per year.
In the last two years there has been relentless pressure on Indian President Manomohan Singh to "bring it back."
has one of the world's biggest problems with illicit financial flows
According to a GFI study, much of the illicit financial flows from Asia go to offshore financial centers on the same continent.
The world's most infamous offshore center might be Switzerland.
Switzerland is a popular spot for illicit money because of all the secrecy.
Surprised to be here?
See if you can spot the world's biggest small haven
The world is a closed loop system.
Anything that goes out one place, must go in somewhere else.
Our task is to slow it down
Part III
(But not yet)
Let's start small.
What are illicit financial flows?
What drives them?
Where do they come from?
Where do they go?
And just what is...
$903 billion is a whole lot of money.
In Parts I and II, we talked about these flows--including what they are and what drives them.
[Even economists]
But we didn't explain where they come from or where they go.
There are places in this world that make the flow of money though that loop spin faster
Let's start here.
High Net-Worth Individuals and private companies are the primary drivers of illicit financial flows out of India's private sector.
But the underground economy is also a significant driver of illicit financial flows.
But it's not the only