Illicit outflows in a decade estimates at $1.2 bln

TIRANA, Dec. 17 – Illicit financial outflows from Albania during the past decade are estimated at more than 1.2 billion dollars, according to a study published by Global Financial Integrity, a US-based research and advocacy organization.
The report shows some USD 63 million flowed out of Albania in crime, corruption and tax evasion in 2012, the lowest level in the past four years.
Total financial outflows from 2003 to 2012 are estimated at around 1.27 billion dollars, says the report.
A record US$991.2 billion in illicit capital flowed out of developing and emerging economies in 2012נfacilitating crime, corruption, and tax evasionءccording to the latest study released GFI. “As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world’s developing and emerging economies,” said GFI President Raymond Baker, a longtime authority on financial crime. “These outflowsءlready greater than the combined sum of all FDI and ODA flowing into these countriesءre sapping roughly a trillion dollars per year from the world’s poor and middle-income economies.”