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Crime, corruption, tax evasion drain avg $14.39 bln annually in illicit financial flows from SEE - study

Dec 16, 2014, 3:22:33 PMNews by : Nina Byalkova
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December 16 (SeeNews) - The Global Financial Integrity (GFI), a research and advisory organisation, said on Tuesday that an average of $14.39 billion (11.5 billion euro) in illicit capital flow out of the economies of Southeast Europe (SEE) annually.

Crime, corruption, tax evasion drain avg $14.39 bln annually in illicit financial flows from SEE - study
Casper1774 Studio/Shutterstock.com

Among the SEE states, illicit financial flows are biggest in Serbia, at an average $4.57 billion annually, a GFI study covering the 2003-2012 period found out.

On the opposite end of the table, Bosnia and Herzegovina sees average annual illicit financial flows of $19 million.

Details follow:

Rank Country Average annual illicit financial flows (in $ millions)
19 Serbia 4,566
26 Turkey 3,560
33 Bulgaria 2,535
49 Croatia 1,499
58 Romania 1,034
79 Macedonia 521
95 Montenegro 294
103 Moldova 232
115 Albania 128
139 Bosnia and Herzegovina 19

The study tracks illegal capital flows in 151 developing and emerging countries.

($=0.8009 euro)

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