October 18 2016
One of the best-known data points in the anti-corruption field is the estimate from Global Financial Integrity that US$ 1.1 trillion in proceeds of corruption, crime and tax evasion are taken from developing countries every year and invested in Western banks, real estate, and luxury goods. The volume of illicit financial flows is higher than the total value of development aid and foreign direct investment into poor countries combined. The revenues lost by poor countries through tax dodging alone are estimated at US$ 160 billion every year, money which could be used to build thousands of schools and hospitals.ecently released reports on Austria, Canada and Singapore show how the corrupt have few roadblocks to parking and spending cash in these three countries. Similar to previous reports, the latest batch received limited media coverage aside from on specialist websites.