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$6.2 Billion Illegally Flows Out of Armenia in 10 Years

by Contributor
December 27, 2013
in Armenia, Featured Story, Latest, News, Top Stories
10
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The new report reveals massive financial outflows from Armenia

WASHINGTON—A recent report published by the Global Financial Integrity suggests that during the period between 2002 to 2011 some $6.2 billion have been illegally taken out of Armenia as a result of government corruption, tax evasion and other illicit financial dealings.

The Washington-based watchdog group revealed the figures in its report “Illicit Financial Flows from Developing Countries: 2002-2011,” published this month. The figure is almost double Armenia’s foreign debt.

The report concludes that developing nations have lost some $6 trillion in illegal financial outflows, with Armenia registering a growth in that number beginning in 2007, when the outflows began eclipsing the $1 billion mark.

Armenia has been ranked 71th, while Azerbaijan in 44th with an estimated $17 billion in illegal outflows. Topping the list are China and Russia respectively. Armenia’s neighbor to the north, Georgia, was ranked 78th with $4.5 billion in such funds.

“The US is the second easiest country to open a money laundering firm in. And despite tax reforms, the government is perilously behind in the movement for corporate transparency,” reported the London-based The Guardian newspaper in its coverage of the GFI report last week.

“The US Department of Justice acknowledged last year that anonymous shell companies are the number one tool used by criminals to launder their illicit funds,” added The Guardian.

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Comments 10

  1. SA says:
    8 years ago

    The ranking would be more interesting to see if it was done by what % of the country’s annual GDP these illicit flows represent. I bet Armenia would be ranked much higher and probably higher than Azerbaijan. Otherwise the ranking is kind of irrelevant (i.e. $6.2 billion on GDP of $100 billion is far worse than $17 billion on GDP of $700 billion over this 10 year period).

    Reply
  2. Vindicated Man says:
    8 years ago

    While these things depend, to a large extent, on the methodologies used in the calculation, I wouldn’t say that the 71st place is too bad. One should not forget that there are also quite sizable inflows, primarily from migrant workers. I’m wondering if the country is higher in terms of those.

    Reply
  3. Avetis says:
    8 years ago

    Psy-ops!

    Reply
  4. sona hamalian says:
    8 years ago

    Crime — where’s the punishment?

    Reply
  5. ABOVYAN says:
    8 years ago

    Armenias GDP is around $ 2.000.000.000.00 a year so who ever came up with this B.S. must be smoking unless it is the propaganda work of azerbejan to stir anger within the Armenians locally and in the Diaspora. Since azeris are good at lying and misinformation toward our people, so at the end of the day don’t believe everything you see hear or read.
    Long live my Hayastan

    Reply
  6. ABOVYAN says:
    8 years ago

    Global Financial Integrity (GFI) is a non-profit, research and advocacy organization located in Washington, D.C.. GFI advocates and conducts research on national and multilateral policies.
    So here you go it is a non Governmental agency that gets there money from well azerbejan can be a good candidate for it since they love gossiping and lying and spreading misinformation about Armenia, so the rest the readers should do their math.

    Reply
  7. PYUZANT says:
    8 years ago

    ADEN YEGAV 20 DARIYE IVER GUDEN AYS MINAG ANUNOV HAYYEHOH PUSHTI ZAVAKNNERI,,,,,,,ASDVATZ BELAN DA ONUNTZ,BIZDIKNNEREN ELLA,,CIGIRNAN UDEL AYN ARATZ ,PAHTZUTAZ DRAMNNERI,,BELANNERI MINCEV VERC DEVA AYN POZI ZAVAKNNERUN GLUHIN,,,,AMMEN

    Reply
  8. Harutik says:
    8 years ago

    The sad reality in Armenia aside, this type of info made public by Western propaganda levers only as a way of undermining the Armenian state by playing on the sentiments of the Armenian sheeple. Just know that had Armenia been in the pockets of Western official or under the Western boot, Armenian officials would do no wrong. But also know that had Armenian officials been in the pocket of the Anglo-American-Zionist alliance or under their boot, we would not have had an Armenia today…

    Reply
  9. Leo Landau says:
    8 years ago

    It make sense, when we see the present situation of Armenia. Weak economy, political impotence, devastating migration of young population, a dangerous future. Plus illegal flow outs of critical finances.

    The last two presidents have done everything possible for large-scale humiliation Armenia. They sold almost the entire structure of the country to Russia, are not considered the interests of the people, and as it turned out at the same time, along with their cohort not sickly stuffed their pockets with states money.

    Indeed, Armenia suffered big humiliation in the past year. Even the politically correct Europe did not coddled it. And the Customs Union, which Armenia “expressed a desire” to join, showed the place it deserves.

    Armenia similar to the patient, which depends on the artificial respiration apparatus (ARA). In the role of the ARA stands Russia. Once apparatus is turned off, the patient will cease to exist.

    Reply
  10. Ara Manoogian says:
    8 years ago

    If this was a report that specifically targeted Armenia one might think it was a stab from Azerbaijan. Reality is that it targets over 100 countries, Armenia being the 71st (though as mentioned if we did it based on GDP, Armenia might come in first place). The other reality is that Armenia is depopulating and this must say something is very wrong in how Armenia is being managed and bled. I for one would not discount what is going on in Armenia and would go so far as ask the question of the leaders of Armenia to give an accounting of where the money is going?

    Reply

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