G-20 urged to increase transparency in global finance | business | Hindustan Times
Today in New Delhi, India
Dec 08, 2016-Thursday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

G-20 urged to increase transparency in global finance

business Updated: Sep 18, 2009 11:41 IST

PTI
Highlight Story

An independent Task Force on Friday asked the G-20 nations to recognise publicly that the flow of illicit money out of poor countries, facilitated by the global shadow financial system, cripples the ability of these countries to work their way out of poverty.

"Recognising this linkage is a vital first step in creating the conditions to eradicate poverty in developing countries. The second step is taking action to stop these flows," said the Task Force on Financial Integrity and Economic Development at the conclusion of a two-day conference.

The massive flow of illicit money out of developing nations, estimated at some USD one trillion per year, outpaces current levels of foreign aid by a ratio of nearly 10 to 1, it said.

"Consisting of tax evasion, tax avoidance and criminal and corrupt funds, this phenomenon is the most damaging economic condition hurting the global poor," the Task Force said in a statement.