Annual illicit financial flows from Armenia amount to $983 million

11.12.2015 18:03
Annual illicit financial flows from Armenia amount to $983 million

YEREVAN, December 11. /ARKA/. Armenia is 70th among 149 countries in Global Financial Integrity Organization’s ‘Illicit Financial Flows from Developing Countries: 2004-2013’ reports.

About $983 million is taken out of Armenia illegally.

According to the GFI organization, about $9.8 billion has been taken out of the country over one decade (Armenia’s GDP was $10.4 billion in 2014).

The illicit financial outflow has sharply intensified in Armenia in 2008, ahead of the recession. - $1.15 billion went out of the country (43.3% growth), but in 2009 it dwindled by 19.8%.

In 2010, illegal financial outflow started growing again and reached $1.8 billion in 2013.

As a whole, developing countries lose about $1 trillion every year because of shady financial outflow.

Over one decade under review, $7.8 trillion has slipped from these countries. The amount of illicit financial flows is growing every year by 6.5% - two times faster than these countries’ GDP.

About 80% of capital, i.e. more than $800 billion goes out of every year trough false declarations of cost of goods at customs.

China and Russia are topping the GFI ranking, since annual illicit financial flow from China averages $139.2 billion and that from Russia $104.9 billon with the $1 049.7 billion taken away illegally over ten years.

Along with China and Russia, Mexico, India and Malaysia are in top five with their $52.8 billion, $51 billion and $41.8 billion respectively.

Global Financial Integrity Global (GFI) is a non-profit, research and advocacy organization located in Washington, D.C..

GFI advocates and conducts research on national and multilateral policies, safeguards, and agreements aimed at curtailing illicit financial flows and enhancing global development and security. --0-----


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