01391nam a22001337a 4500 Stoddard, Ed BRICS countries lead global capital flight-report Johannesburg The Africa Report 2014 2p The report tackles the leading role played the BRICS grouping in combating IFFs in the developing world basing on the GFI report figures released. The BRICS grouping of emerging market nations is leading the flight of illicit capital from the developing world. Illicit capital incorporates such things as misinvoicing of trade whereby exports and imports are booked at different values to avoid taxes or to hide large transfers of money. The report said that between 2003 and 2012, $6.6 trillion was moved by crooked means out of emerging economies, finding its way to bank accounts in the developed world or far-flung tax havens. Of that total, about $3 trillion or almost half was diverted from the BRICS group -- Brazil, Russia, India, China and South Africa. China, the world`s second biggest economy, lead the way with an estimated $1.25 trillion leaving its borders illegally over the course of the decade. CAPITAL FLIGHT CAPITAL OUTFLOW GHOST PROJECTS MONEY LAUNDERING SMUGGLING TAX HAVENS TAXES TAX EVASION http://iffoadatabase.trustafrica.org/iff/brics_countries_lead_global_capital_flight.pdf CF 270 270