Adriatic Institute and Global Financial Integrity Announce Strategic Partnership to Launch New Study on the Balkans’ Illicit Financial Outflows via Crime, Corruption, and Tax Evasion for the Period 1991-2011
The Balkans’ $111.6 Billion in Illicit Financial Outflows (2001-2010) Hemorrhages the Region’s Treasuries and Exposes Western Nations to Financial Risks
Global Financial Integrity's Clark Gascoigne and Raymond Baker with Adriatic Institute's Natasha Srdoc and Joel Anand Samy
“As GFI’s previous research indicates, the Balkans region is losing a tremendous amount of money in illicit financial outflows each year,” said Raymond Baker, President of GFI. “Illicit capital flight undermines economic development, exacerbates income inequality, fosters corruption, and reduces tax revenues. Large illicit outflows from Southeastern Europe have serious consequences not just for Sofia and Sarajevo, but for Brussels and Berlin as well. We are excited to be partnering with the Adriatic Institute to delve more deeply into the topic and give the issue the serious thought and attention it deserves.”
“The Adriatic Institute for Public Policy is pleased to form this strategic partnership with Global Financial Integrity and launch a new study into the Balkans’ illicit financial outflows since 1991,” said Natasha Srdoc, Chairman, Adriatic Institute for Public Policy. “We seek to encourage ongoing efforts to curtail and correct the problems that have led to such massive financial drainages. This study is crucial for the sixty-four million citizens in the Balkans who have grown poorer by the day and for Western nations, especially EU member states’ taxpayers, who can significantly reduce their financial exposure in the region.”
Huge losses have a serious economic impact on the region and contribute to crime, terrorism and security concerns, experts said.
Stručnjaci kažu da golemi gubici imaju ozbiljne ekonomske posljedice u regiji te pridonose problemima kriminala, terorizma i sigurnosti.