The world’s top medical-ethics body has upheld a decision to make an Indian doctor its future president, despite controversy over corruption allegations against him. Dr. Ketan Desai is scheduled to become president of the World Medical Association (WMA) in late 2016. “It’s clear that the council is supporting the current …Read More »
The controversial mayor of Tower Hamlets has been found guilty of corrupt and illegal practices by a judge, following an Election Court trial estimated to have cost the taxpayer more than £1 million. Lutfur Rahman – directly-elected mayor of Tower Hamlets in east London – was found “personally” guilty of …Read More »
#Outflow: Developing World lost $1 TRILLION due to tax evasion, corruption in 2012; India 3rd on list
Developing countries lost nearly $1 trillion in 2012 due to tax evasion and corruption, according to a new report.
A record $991bn (£634bn) ‘disappeared’ from some 151 poor and middle income nations in the period surveyed, according to US-based Global Financial Integrity (GFI).
The figure is a 5% increase on the previous year.
The report, titled “Illicit Financial Flows from Developing Countries: 2003 - 2012”, found that China, Russia, Mexico, India, Malaysia were the biggest exporters of illicit capital which researchers said was facilitating crime and corruption around the world.
GFI President Raymond Baker said: “As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world’s developing and emerging economies.
“These outflows — already greater than all Foreign Direct Investment flowing into these countries — are sapping roughly a trillion dollars per year from the world’s poor and middle-income economies.”
“Most troubling, however, is the fact that these outflows are growing at an alarming rate of 9.4 percent per year—twice as fast as global GDP,” Mr. Baker added.
The report revealed that the total amount of illegal outflows topped $6.6 trillion in the years surveyed.
The fraudulent mis-invoicing of trade transactions was revealed to be the largest component of illicit financial flows from developing countries, accounting for 77.8 percent of all funds.
This involves fraudulently manipulating the price, quantity or quality of a good or service on an invoice.
The US$991.2 billion that flowed illicitly out of developing countries in 2012 was greater than the combined total of foreign direct investment (FDI) and net official development assistance (ODA), which these economies received that year.
Illicit outflows were roughly 1.3 times the US$789.4 billion in total FDI, and they were 11.1 times the US$89.7 billion in ODA that these economies received in 2012.
Report author Joseph Spanjers said: “Illicit financial flows have major consequences for developing economies. This is a trillion dollars that could have contributed to inclusive economic growth, legitimate private-sector job creation, and sound public budgets.”
India, where the issue of so-called ‘Black Money’ has dominated political debates in recent months, was the only South Asian nation in the top 25 countries with the biggest outflows.
The report found that India averaged nearly $44 billion in illegal outflows and corruption over the entire period with the total figure topping $440 billion.
Remarkably, a large chunk of that total – more than $94 billion – was accounted for in 2012 the third highest figure after China and Russia.Read More »
#Rotten: Rushanara Ali calls for Tower Hamlets mayor Lutfur Rahman to “Re-Consider” position after damning report
Labour MP Rushanara Ali has called on Tower Hamlets mayor Lutfur Rahman – a fellow British-Bengali – to “carefully consider” his position after a damning independent report found a string of serious failures in the east London borough under his stewardship. Speaking on BBC Radio 4’s Today program, Ms Ali, …Read More »
The government today faced criticism after a damning report found that British taxpayers’ money is funding corruption in foreign countries. The Independent Commission for Aid Impact (ICAI) said that in some cases British foreign aid is actively encouraging corrupt practices, such as bribery. In one example, individuals and organizations in …Read More »
Bollywood superstar Aamir Khan has built a reputation for highlighting corruption in India through his advocacy show ‘Satyamev Jayate’ and now the actor seems to be on the receiving end of corruption allegations. The 48-year-old ‘Talaash’ star has filed a police complaint after allegations appeared on a Facebook group page …Read More »
The Attorney General today warned the government to “wake up” to the threat posed by corruption inside Britain’s ethnic minority communities, in particular the British Pakistani community. Dominic Grieve, the country’s most senior law officer, told the Daily Telegraph that electoral corruption was a problem in constituencies such as Slough …Read More »
Pakistan leg-spinner Danish Kaneria has been banned for life from playing in England after being found guilty of encouraging a teammate at his county side Essex to spot-fix. An England and Wales Cricket Board (ECB) disciplinary panel found the 31-year-old had urged Mervyn Westfield to underperform in return for money …Read More »
More than one in three south Asians say they were forced to bribe officials in the last year, mainly for services they were legally entitled to, an international anti-corruption watchdog has found. A survey released by Berlin-based Transparency International in the Nepalese capital Kathmandu showed bribery has become so endemic …Read More »