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Did China Really Lose $3.75 Trillion in Illicit Financial Flows?
A recent report from the think tank Global Financial Integrity (GFI) identifies China as the largest source of illicit financial flows in the developing world. The report, Illicit Financial Flows from China and the Role of Trade Misinvoicing, identifies $3.75 trillion in illicit outflows during between 2000 and 2011. The possibility of trillions of dollars in illegal capital flight is certainly worrying. The report’s release generated newspaper headlines such as “China ‘top source’ of World’s Tainted Money,” “Spectre of Capital Flight Slows China FX Reform Drive,” “Capital Outflows: The Flight of ... (full story)