In a groundbreaking report which uses World Bank and IMF data to estimate the quantity and patterns of illicit financial flows coming out of developing countries, the Global Financial Integrity (GFI) has documented Nigeria as the leading source of illicit financial outflow from sub-Sahara Africa during the past decade (Years 2000 to 2009.)

The report shows that developing countries lost US$903 billion in illicit outflows in 2009. While this marks a significant decrease from the US$1.55 trillion they lost in 2008, the global financial crisis accounts for the vast majority of the decrease, rather than improved governance or economic reforms.

Developing countries lost between US$723 billion and US$844 billion per annum on average through illicit flows over the decade ending 2009.

Despite the onset of the global financial crisis, illicit flows increased in current dollar terms by 15.19% per annum from US$386 billion at the start of the decade to US$903 billion in 2009. Adjusted for inflation, illicit financial flows still grew by 10.6%.

Adjusted for Inflation, Annual Illicit Financial Flow Growth by Region Over the Decade

•Middle East and North Africa (MENA) – 18.82%
•Developing Europe – 15.93%
•Sub-Saharan Africa (Africa) – 15.74%
•Asia – 8.07%
•Western Hemisphere – 4.07%

Conservatively estimated, Asia accounted for 44.9 percent of total illicit flows from the developing world, followed by the Middle East and North Africa (18.6 percent), developing Europe (16.7 percent), the Western Hemisphere (15.3 percent), and Sub-Saharan Africa (4.5 percent).

Top 20 Countries with the Highest Measured Cumulative Illicit Financial Outflows Between 2000 and 2009

China – $2.74 trillion

Mexico – $504 billion

Russia – $501 billion

Saudi Arabia – $380 billion

Malaysia – $350 billion

United Arab Emirates – $296 billion

Kuwait – $271 billion

Nigeria – $182 billion

Venezuela – $179 billion

Qatar – $175 billion

Poland – $162 billion

Indonesia – $145 billion

Philippines – $142 billion

Kazakhstan – $131 billion

India – $128 billion

Chile – $97.5 billion

Ukraine – $95.8 billion

Argentina – $95.8 billion

South Africa – $85.5 billion

Turkey – $79.1 billion