India lost $128 billion in illicit outflows

India with USD 128 billion capital flowing out illegally was the 15th largest victim of illicit financial outflows that cost developing countries a whopping USD 903 billion in 2009, according to a new study.

While USD 903 billion marks a drop from the USD 1.55 trillion that illicitly flowed out of the developing world in 2008, the study finds the decrease is almost entirely attributable to the global financial crisis rather than any governance improvements or economic reforms.

"This is a breathtakingly large sum at a time when developing and developed countries alike are struggling to make ends meet," said GFI Director Raymond Baker. "This report should be a wake-up call to world leaders that more must be done to address these harmful outflows."

Entitled "Illicit Financial Flows from Developing Countries over the Decade Ending 2009," the report by Global Financial Integrity (GFI), a Washington-based research and advocacy organization, tracks the amount of illegal capital flowing out of 157 different developing countries from 2000 through 2009.

According to the report, the 20 biggest victims of illicit financial flows over the decade are: China USD 2.74 trillion, Mexico USD 504 billion, Russia USD 501 billion, Saudi Arabia USD 380 billion, Malaysia USD 350 billion, United Arab Emirates USD 296 billion, Kuwait USD 271 billion, Nigeria USD 182 billion, Venezuela USD 179 billion, Qatar USD 175 billion, Poland USD 162 billion, Indonesia USD 145 billion, Philippines USD 142 billion, Kazakhstan USD 131 billion, India USD 128 billion, Chile USD 97.5 billion, Ukraine USD 95.8 billion, Argentina USD 95.8 billion, South Africa USD 85.5 billion and Turkey USD 79.1 billion.