Libya ranks in 54th place worldwide for the amount of money flowing out via crime, corruption and tax evasion over the past ten years, according to Global Financial Integrity (GFI), a Washington-based research and advocacy organization.
Illicit outflows of cash averaged $902 million per year from 2001 to 2010. In 2010 alone, an estimated $2.1 billion left the country through illegal channels, putting Libya 35th worst in the world.
“This has very big consequences for developing economies“, explained Sarah Freitas, a co-author of the report. “Poor countries lost nearly a trillion dollars that could have been used to invest in healthcare, education, and infrastructure. It’s nearly a trillion dollars that could have been used to pull people out of poverty and save lives.“