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The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008

A November 2010 Report from Global Financial Integrity

Downloads, Data & Media Resources (Reture to Overview)


Downloads & Media Resources

Scroll down to download the full report, the executive summary, excel spreadsheets of the data used in the report and resources for media.


Download the Report

PDF Download Full Report (4.3 MB)


Download Select Report Sections

PDF Download Executive Summary (53 KB)

PDF Download Abstract (31 KB)

PDF Download Foreward by Raymond Baker (171 KB)


Media Resources

Press Release: New Report Finds Illicit Capital Flight out of India US $462 Billion (November 17, 2010)


PDF Download Media Tip-Sheet for Report (146 KB)


PDF Download Overview of Illicit Financial Flows Complete with IFF Totals and Rankings-by-Country Based on our 2008 Report (169 KB)



In the spirit of transparency, we're sharing with the public all of the data used to compile this report. Our hope is that sharing this data will allow others to build upon our research. Our database and calculations are liscenced under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.


For questions regarding the data sets, contact Karly Curcio at (202) 293-0740 ext. 232.




PDF Total IFFs Data (Appendix Table 6)


PDF Key Macroeconmic Indicators Database (in USD)


PDF Key Macroeconmic Indicators Database (in INR)


PDF Dynamic Chart of India's Macroeconomic Trends


PDF Excel Workbook with All Appendix Tables by Worksheet*


* Please reference the digital version of the full report for complete source information on each appendix.


About Illicit Financial Flows

The term, illicit financial flows, pertains to the cross-border movement of money that is illegally earned, transferred, or utilized. Illicit financial flows generally involve the transfer of money earned through illegal activities such as corruption, transactions involving contraband goods, criminal activities, and efforts to shelter wealth from a country's tax authorities.


In December 2008, GFI released the groundbreaking study, "Illicit Financial Flows from Developing Countries: 2002-2006," based on examination of macroeconomic data from the World Bank and the International Monetary Fund (IMF). In this analysis, GFI found the following:


  • Illicit financial flows out of developing countries, on average, for the five year period examined ranged from $850 billion to $1.06 trillion per year. This estimate is conservative as it does not include several major forms of value drainages out of poorer countries not represented by money, namely:
    • Trade mispricing that is handled by collusion between importers and exporters within the same invoice, not picked up in mispricing models based on IMF Direction of Trade Statistics, a technique utilized extensively by multinational corporations;
    • The proceeds of criminal and commercial smuggling such as drugs, minerals, and contraband goods, and
    • Mispriced asset swaps, where ownership of commodities, shares, and properties are traded without a cash flow;
  • Illicit outflows from African countries are approximately $25 billion per year.

Illicit outflows outpace aid, undermine development efforts: The ratio of illicit financial flows coming out of developing countries compared to official development assistance (ODA), is 10-1. Meaning that for every $1 in economic development assistance which goes into a developing country, $10 is lost via these illicit outflows.



GFI Director Raymond Baker Explains Illicit Financial Flows and their Impact on Development





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