CHINA:ECONOMY-ILLEGAL MONEY OUTFLOWS

A report released by the Washington-based advocacy group 'Global Financial Integrity' claimed that Mainland China lost US$1.25 trillion between 2003 and 2012 to illicit outflows including tax evasion, crime and corruption, the largest loss of money among 151 developing nations it had surveyed. This number was described as “highly conservative” as it did not include cash settlements, common among drug dealers and money launderers. Dev Kar and Joseph Spanjers, the report's authors, wrote that “After a brief slowdown during the financial crisis, illicit outflows are once again on the rise, hitting a new peak of US$991.2 billion in 2012”.





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