Over $7.8 trillion was siphoned from the world’s developing and emerging economies between 2004 and 2013, and over $17.8 billion (about N3.4 trillion) of that amount, was from Nigeria, a new report on global illicit financial flows has said.
Nigeria is among the world’s top 20 countries with the biggest losses from skewed financial transactions, the report noted.
South Africa leads the pack in Africa with $209.22 billion lost over the period. It occupies the seventh position on global ranking.
Globally, China leads with $1.39trillion, followed by Russia ($1.05trillion), Mexico ($528.44billion), India ($510.29billion), Malaysia ($418.54billion) and Brazil ($226.67billion), Thailand ($191.77billion) and Indonesia $180.71billion.
Others include Kazakhstan ($167.40billion), Turkey ($154.50billion), Venezuela ($123.94billion), Ukraine ($116.76billion), Costa Rica ($113.46bilion), Iraq ($105.01billion), Azerbaijan ($95.00billion), Vietnam ($92.94billion), Philippines ($90.25billion) and Poland ($90.02billion).
Illicit financial flows are transactions involving the transfer of the proceeds from the exploitation of the resources from a particular region to another, either through money laundering and other illegal means, or commercial activities, without the commensurate value in returns.
The report published on Wednesday by Global Financial Integrity, GFI, a Washington DC-based research and advisory group, said illicit financial flows from developing and emerging economies, which stood at just $465.3 billion in 2004, rose sharply to $1.1 trillion in 2013 alone.