Crime
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Nigeria is number 10 among 20 countries that export illicit funds in the world between 2004 and 2013
THE Global Financial Integrity, GFI, a Washington DC-based research and advisory organisation working to curtail illicit financial flows worldwide, has ranked Nigeria after South Africa as the 10 biggest exporter of Illicit Financial Flows, IFF, between 2004 and 2013. Nigeria alone exported $17.8 billion about (N3.5 trillion), while South Africa exported $20.9 billion during the period.
GFI made revelation on Wednesday, December 9, as the world marked the International Anti-Corruption Day in a report entitled: “Illicit Financial Flows from Developing Countries: 2004-2013”. The report stated that the 2013 IFF was higher than one trillion dollars obtained in 2011 by $100 billion.
It added that the figure marked a dramatic increase from 2004, when illicit outflows totalled just $465.3 billion (N9.2 trillion) “This study clearly demonstrates that illicit financial flows are the most damaging economic problems faced by the world’s developing and emerging economies,” it said.
A statement issued on Wednesday in Lagos, by Christine Clough, media officer for GFI, explained that information used for the ranking was obtained from 20 emerging and developed economies worldwide.
A breakdown of the statistics showed that that China came first with $139.2 billion outflow, followed by Russia (about $105 billion), Mexico came third with $52.8 billion, while Poland came last with nine billion dollars outflow.
GFI said cumulatively emerging economies exported $1.1 trillion (about N217 trillion) within the period.
“This year at the UN, the mantra of ‘trillions not billions’ was continuously used to indicate the amount of funds needed to reach the Sustainable Development Goals. “Significantly, curtailing illicit flows is central to that effort,’’ Mr Raymond Baker, GFI President, said.
This must be the reason Ban Ki-Moon, UN scribe, in his statement to mark the anti-corruption day also urged world leaders to redouble efforts to fight all forms of corruption in their countries.
— Dec 21, 2015 @ 01:00 GMT
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