10 years ago
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Nearly $1 trillion was smuggled out of developing countries in 2011
It’s hard to build your country when the money keeps slipping away. Foreign capital flight has been a problem for developing countries this year, but a bigger problem might be the funds smuggled out by tax evaders, corrupt officials and criminals—$946.7 billion in 2011, according to the latest estimates released today by a team of economists at the non-profit Global Financial Integrity, an increase of more than 10% over the previous year.
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So sad. Imagine how different things could be if the benefits of a nation's resources filtered down past that nation's elites.