All those spectacular economic growth and shine has no meaning....because finally it all fly away
to countries that instill confidence and have intangible rights and values.
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Asia Tops Illegal Money Flows Into First World
January 21, 2011
Illegally generated outflows of cash from developing countries into richer ones have become a torrent, according to a new report, with an average of more than $1 trillion flowing across borders in the latest year measured.
China continues to lead the world in outflow, with Malaysia a surprising fifth despite its relatively small population.
These illicit flows heighten poverty, cancel investments and thwart economic development, says the report by Global Financial Integrity, a nongovernmental organization.
The 78-page report was published this month.
The latest complete year recorded, 2008, showed that the illegal outflows or transfers rose $1.26 trillion as skyrocketing prices for oil, other minerals and foodstuffs generated funds that easily escaped abroad.
“We regard our figures as conservative, since they do not include smuggling, some forms of trade mispricing and asset swaps,” Raymond W. Baker, the organization’s director, wrote in a foreword.
The huge outflows of illicit capital from China account for Asia’s dominance in illicit transfers, the report says.
According to the reports estimates, outflows from Asia increased from $200.1 billion in 2000 to $495.1 billion in 2008, increasing an average of 12.9 percent per year.
The report holds that it is impossible to capture all the channels through which money can leave a country. In particular, it can move through so-called hawala-style swap arrangements that are impossible to trace using official statistics.
The report found the five Asian countries with the largest total illegal capital flight during 2000-08 were: China ($2.18 trillion), Malaysia ($291 billion), Philippines ($109 billion), Indonesia ($104 billion) and India ($104 billion).
to countries that instill confidence and have intangible rights and values.
---------------------------------------------------
Asia Tops Illegal Money Flows Into First World
January 21, 2011
Illegally generated outflows of cash from developing countries into richer ones have become a torrent, according to a new report, with an average of more than $1 trillion flowing across borders in the latest year measured.
China continues to lead the world in outflow, with Malaysia a surprising fifth despite its relatively small population.
These illicit flows heighten poverty, cancel investments and thwart economic development, says the report by Global Financial Integrity, a nongovernmental organization.
The 78-page report was published this month.
The latest complete year recorded, 2008, showed that the illegal outflows or transfers rose $1.26 trillion as skyrocketing prices for oil, other minerals and foodstuffs generated funds that easily escaped abroad.
“We regard our figures as conservative, since they do not include smuggling, some forms of trade mispricing and asset swaps,” Raymond W. Baker, the organization’s director, wrote in a foreword.
The huge outflows of illicit capital from China account for Asia’s dominance in illicit transfers, the report says.
According to the reports estimates, outflows from Asia increased from $200.1 billion in 2000 to $495.1 billion in 2008, increasing an average of 12.9 percent per year.
The report holds that it is impossible to capture all the channels through which money can leave a country. In particular, it can move through so-called hawala-style swap arrangements that are impossible to trace using official statistics.
The report found the five Asian countries with the largest total illegal capital flight during 2000-08 were: China ($2.18 trillion), Malaysia ($291 billion), Philippines ($109 billion), Indonesia ($104 billion) and India ($104 billion).
