China has been named the worst country globally for illegal monetary practices by Global Financial Integrity, a financial watchdog based in Washington DC. .
The report shows that illicit financial flows (IFF) from developing countries in 2012 reached a staggering 991.2 billion USD, with China accounting for 249.5 billion USD of illegal trade.
In the past ten years, China has suffered from over one trillion USD in illegal outflows with corruption and money laundering being pointed out as key contributing factors.
Between 2003 and 2012 the rate of illicit financial flows has grown at a rate of 9.4 percent a year- twice as fast as global GDP growth for the same time period.
China, Brazil, Russia, India and South Africa are collectively responsible for almost half of the total losses.
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Keywords: GFI report Illicit Financial Flows
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