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‘Biggest exporters of illicit capital over the decade’, Pakistan ranks 109th, India 4th

KARACHI: A US-based think-tank issued a report claiming $1.917 billion have been taken away from Pakistan.

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It said that developing and growing economic lost as much as $7.8 trillion in illicit flows during the period between 2004 and 2013. The report placed Pakistan at 109th spot in the list of 149 countries of ‘biggest exporters of illicit capital over the decade’. According to the report, Pakistan has lost approximately 2.3% of GDP owing to illegal financial flows.

As per the top of the list, China Mainland ($1.392 trillion), Russian Federation ($1.05 trillion), Mexico ($528.44 billion), India ($510.29 billion ) and Malaysia ($418.54) occupied the top five spots owning to their contributing the most in illicit financial flows during the said period.

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Global Financial Integrity – Washington based research and advisory organization – (GFI)’s December 2015 report says the illicit outflows raised at an average rate of 6.5% yearly almost twice as fast as global GDP.

These researches also evaluate that $1.1trillion was taken away from under-developed countries during 2013. It only shows the gradual upward trend as illicit flows increased from $465 billion in 2004.

In the light of GFI’s research outcome, illegal outflows were at the top in Pakistan during 2010 with a balance of $729 million and was followed by 2012 and 2013 with illicit flows amounting to $405 million and $529 million, respectively.

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