The article articulates the alarming rate at which developing countries continue to lose substantial amounts of money in excess of trillion through IFFs.GFI, the global watchdog cites poor governance and lax regulation for huge outflows, which have increased by almost 10% each year. Developing countries are losing more than $1tn (£614bn) a year in "illicit financial flows", stemming from crime and corruption, according to estimates. . Included in its estimates are ill-gotten wealth from purposefully incorrect trade invoices, the use of shell companies and tax havens and other accounting gimmicks. "This gives further evidence to the notion that illicit financial flows are the most devastating economic issue impacting the global South. Shadow systems of IFFs are given and the is a major conclusion is that there remains a powerful, corrupt nexus between politicians and business, covering the financing of elections, non-transparency of business conduct, kickbacks in government contracting.
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