Developing countries lose an estimated $990 billion dollars annually in illicit financial flows

WASHINGTON, D.C. — The developing world saw a record $991 billion leave its countries due to corrupt practices and corporate tax evasion in 2012, according to a new report by Global Financial Integrity (GFI). Because of this massive non-taxed loss of illicit financial flows, developing countries lost $6.6 trillion between 2003 and 2012, according to GFI, who said such losses are growing at 9.4% per year.