Illicit financial flows top $21 billion in Lebanon
Global Financial Integrity, a Washington-based non-profit, research and advocacy organization, estimated the cumulative illicit financial flows from Lebanon at $21 billion between 2001 and 2010.
Global Financial Integrity defines IFFs as funds that are illegally earned, transferred or utilized. It includes all unrecorded private financial outflows that drive the accumulation of foreign assets by residents in infringement of applicable national laws and regulatory frameworks.
It calculates IFFs as the sum of two separate components, Gross Excluding Reversals and Hot Money Narrow, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
- Why is the Israeli shekel so weak?
- What doesn't kill you, makes your stronger: why the Arab Bank is likely to emerge from the Israeli lawsuit 'unscathed with flying colors'
- Too foreign? An inside look into the struggles of foreign banks in Saudi Arabia
- A clash of civilizations: are foreigners newly entering the Saudi stock market about to face a culture shock?
- From tweets to public outrage: understanding Turkey's bitterness towards credit rating agencies