Bangladesh loses $9bn for capital flight in 2014: GFI

capital flight

MNA Business Desk: About $9.11bn drained from Bangladesh in a single year of 2014 for capital flight, Global Financial Integrity (GFI), a Washington-based research and advisory organization, revealed the report.

The report titled “Illicit Financial Flows to and from Developing Countries: 2005-2014” that was conducted on 149 nations was released on Monday.

Major share of Bangladesh’s lost money was taken out of the country through embezzlements in bilateral exports and import deals, the report high-caliber analyses said.

The GFI report also revealed that illicit capital flight from Bangladesh was on a higher trend from 2007 following political turmoil of the time, and it continued until 2013 when the highest $9.66 billion was siphoned off.

Of the total $61.63 billion illicit capital flow, $56.83 billion was through trade misinvoicing while the rest $4.8 billion could not be traced in the balance of payments data, the report added.

According to the study, the amount of money siphoned off from the country equals the budget allocations for a few key sectors — transportation, education, health, power, agriculture, and water resources.