WASHINGTON, DC – Illicit financial flows from developing and emerging economies surged to  US$1.1 trillion in 2013, according to a study released Wednesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. Authored by GFI Chief Economist Dev Kar and GFI Junior Economist Joseph Spanjers, the report pegs cumulative illicit outflows from developing economies at US$7.8 trillion between 2004 and 2013, the last year for which data are available.

Titled “Illicit Financial Flows from Developing Countries: 2004-2013″  the study reveals that illicit financial flows first surpassed US$1 trillion in 2011, and have grown to US$1.1 trillion in 2013—marking a dramatic increase from 2004, when illicit outflows totaled just US$465.3 billion. “This study clearly demonstrates that illicit financial flows are the most damaging economic problem faced by the world’s developing and emerging economies,” said GFI President Raymond Baker, a longtime authority on financial crime. “This year at the U.N. the mantra of ‘trillions not billions’ was continuously used to indicate the amount of funds needed to reach the Sustainable Development Goals. Significantly curtailing illicit flows is central to that effort.”

The study ranks the countries by the volume of illicit outflows. According to the report, Costa Rica is among the 20 biggest exporters of illicit flows over the decade in question. Costa Rica is ranked in the 15th position, higher than troubled nations such as Honduras, Iraq and Syria. In fact, Costa Rica exports more illicit financial gains than any other Latin American nation except Mexico and Venezuela:

1. China………………. US$139.23bn avg. (US$1.39tn cumulative)
2. Russia…………….. US$104.98bn avg. (US$1.05tn cumulative)
3. Mexico…………..US$52.84bn avg. (US$528.44bn cumulative)
4. India…………….. US$51.03bn avg. (US$510.29bn cumulative)
5. Malaysia……….. US$41.85bn avg. (US$418.54bn cumulative)
6. Brazil……………. US$22.67bn avg. (US$226.67bn cumulative)
7. South Africa….. US$20.92bn avg. (US$209.22bn cumulative)
8. Thailand…………. US$19.18bn avg. (US$191.77bn cumulative)
9. Indonesia……….. US$18.07bn avg. (US$180.71bn cumulative)
10. Nigeria…………… US$17.80bn avg. (US$178.04bn cumulative)
11. Kazakhstan…….. US$16.74bn avg. (US$167.40bn cumulative)
12. Turkey……………. US$15.45bn avg. (US$154.50bn cumulative)
13. Venezuela……….. US$12.39bn avg. (US$123.94bn cumulative)
14. Ukraine……………. US$11.68bn avg. (US$116.76bn cumulative)
15. Costa Rica………… US$11.35bn avg. (US$113.46bn cumulative)
16. Iraq………………… US$10.50bn avg. (US$105.01bn cumulative)
17. Azerbaijan…………. US$9.50bn avg. (US$95.00bn cumulative)
18. Vietnam…………….. US$9.29bn avg. (US$92.94bn cumulative)
19. Philippines………… US$9.03bn avg. (US$90.25bn cumulative)
20. Poland………………. US$9.00bn avg. (US$90.02bn cumulative)