Developing countries lose more from tax evasion than they gain in aid, GFI

Tax evasion drained a record US$991.2 billion in illicit financial flows from developing economies in 2012 - facilitating crime and corruption, according to a new study by Global Financial Integrity (GFI), a Washington DC-based research and advisory organisation. “To put this in perspective, the cumulative total of official development assistance to the developing countries in this report… was just US$809 billion,” said a GFI note.