$9bn Illicit Capital Outflow from Libya

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.

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