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Tue Dec 18, 2012, 10:35 PM

Dirty Money Costs Developing World $6 Trillion, Led By China: Report

December 17, 2012 | Stella Dawson | Reuters (chicagotribune.com)

WASHINGTON, Dec 17 (TrustLaw)
- Crime, corruption and tax evasion have cost the developing world nearly $6 trillion over the past decade, and illicit funds keep growing, led by China, a financial watchdog group said in a new report.

China accounted for almost half of the $858.8 billion in dirty money that flowed into tax havens and Western banks in 2010, more than eight times the amounts for runner-ups Malaysia and Mexico. Total illicit outflows increased by 11 percent from the prior year, Global Financial Integrity, a Washington-based group that campaigns for financial accountability, said in its latest report released on Monday.

"Astronomical sums of dirty money continue to flow out of the developing world and into offshore tax havens and developed country banks," said Raymond Baker, director of GFI.

"Developing countries are hemorrhaging more and more money at a time when rich and poor nations alike are struggling to spur economic growth. This report should be a wake-up call to world leaders that more must be done to address these harmful outflows," he said.

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