This report published by Global Financial Integrity reveals how developing countries have effectively served as net-creditors to the rest of the world with tax havens playing a major role in the flight of unrecorded capital. It reveals how developing countries lost about $16.3 trillion to leakages in the balance of payments, trade mis-invoicing, and recorded financial transfers between 1980 and 2012 .The report analyses how global financial flows impact developing countries through a detailed focus on the deleterious effects of offshore tax havens. It recommends curtailing illicit financial flows and tax havens in particular, would work to improve the effectiveness of macroeconomic policies and reduce inequality in developing countries.
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