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Lax Oversight of Foreign Banks Spurred India’s $462 Billion Capital Flight: Report
By Colby Adams
printLax regulatory oversight of offshore financial centers and banks in developed countries is facilitating illicit financial activity in India, a Washington, D.C.-based advocacy group said Wednesday. Between 1948 and 2008 India lost more than $213 billion to capital flight potentially associated with tax evasion and corruption-a total worth approximately $462 billion today, according to a 74-page report by Global Financial Integrity (GFI). The organization said that outflows substantially increased following a period of deregulation from 1991 to 2005. In 2009, 54 percent of the offshore deposits from the Indian private sector made their way to offshore tax havens while 36...
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