India is now fourth largest exporter of illicit money

GFI released a report stating India is the fourth largest exporter of black money with an average annual outflow of $51.03 billion.

Recommendations by GFI to curb these outflows:

1. World leaders should focus on curbing opacity in the global financial system, which facilitates these outflows.

2. Policymakers should require multinational companies to publicly disclose their revenues, profits, losses, sales, taxes paid, subsidiaries and staff levels on a country-by-country basis.

3. Governments should significantly boost their customs enforcement by equipping and training officers to better detect intentional misinvoicing of trade transactions.