The developing world lost nearly US$1 trillion in 2010 as a result of corruption, tax evasion, and other financial crimes not involving cash transactions, according to a report by Global Financial Integrity. Corruption has grown steadily over the past decade despite unprecedented efforts by governments and non-governmental organizations to curb it. Much of the proceeds of drug trafficking, human smuggling, and other criminal activities, which are often settled in cash, are not included in these estimates. The 80-page report found that China suffered the greatest losses followed by Mexico, Malaysia, Saudi Arabia, and Russia. Other countries that were ranked in the top 10 for 2010 losses included Iraq, Nigeria, Costa Rica, the Philippines and Thailand. Developing economies are haemorrhaging more and more money at a time when rich and poor countries alike are struggling to spur economic growth. This report should be a wake-up call to world leaders that more must be done to address these harmful outflows.

Pray: for an end to the astronomical sums flowing out of the developing world into off-shore tax havens and developed-country banks. (Pr.18:5)

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