279772420-Flight-Capital-and-Illicit-Financial-Flows-to-and-from-Myanmar-1960-2013, tymczasowy
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//-->Flight Capital and Illicit Financial Flowsto and from Myanmar: 1960-2013Dev Kar and Joseph SpanjersSeptember 2015Flight Capital and Illicit Financial Flowsto and from Myanmar: 1960-2013Dev Kar and Joseph Spanjers1September 2015Global Financial Integrity wishes to thank theGovernment of Finland for supporting this project.Copyright© 2015 by Global Financial Integrity®. Some rights reserved.This report is published under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0Unported (CC BY-NC-ND 3.0) license. For more information on the license, visit:Global Financial Integrity® and the Global Financial Integrity Logo areregistered trademarks of Global Financial Integrity.1.Dev Kar is Global Financial Integrity’s Chief Economist, having served previously as a Senior Economist at the International MonetaryFund for more than 30 years. Joseph Spanjers is GFI’s Junior Economist. They would like to thank Raymond Baker, Christine Clough,Channing May, and other GFI staff for helpful comments.Global Financial Integrity is pleased to present its reportFlight Capital and Illicit Financial Flowsto and from Myanmar: 1960-2013.Myanmar is the most porous economy we have studied in depth. Long isolation, trade restrictions,and attempts to regulate currency exchange rates have combined to drive a substantial part of theeconomy underground.Table 1. Summary: Myanmar’s Flight Capital and Illicit Flows, 1960-2013(in billions of constant (2010) U.S. dollars)Flight CapitalInflowsOutflows82.835.9Illicit Flows77.718.7Totaling the flight capital numbers indicates that Myanmar has experienced largely unregulatedfinancial movements of nearly US$120 billion over the period (a small portion of flight capital may belicit), while total illicit flows amounted to almost US$100 billion. In 2013 alone, unregulated financialinflows totaled some US$10 billion, over 20 percent of GDP. Purely illicit inflows were on a similarscale in that year, at 17 percent of GDP. And these numbers do not include the smuggling of drugs,timber, precious stones, and other goods, transported across various routes and mountain passesto and from India and China, as indicated by a brief selection of satellite images included in thepages following.Interestingly, the greater part of what we can analyze as illicit flows have been inward, in reaction toimport controls and to escape import levies. Undervalued and smuggled imports have sustainedthe weakened economy through years of insularity, isolation, and instability.Tax collection to GDP at seven percent is one of the lowest in the world, undermining the ability ofthe state to provide adequate health and education services. Corruption, according to TransparencyInternational’s Perceptions Index, places Myanmar among the bottom 20 in the world.These are extremely serious challenges for a nation just beginning, haltingly, to emerge from itsshadows. Within our focus on financial transparency concerns, we recommend that Myanmar 1)make concerted efforts to adopt and enforce Financial Action Task Force anti-money launderingand combatting terrorist financing regulations, 2) provide its Customs Department with real-timeworld market trade pricing data, 3) greatly improve its statistical capabilities, and 4) enhance borderFlight Capital and Illicit Financial Flows to and from Myanmar: 1960-2013iii [ Pobierz całość w formacie PDF ]
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//-->Flight Capital and Illicit Financial Flowsto and from Myanmar: 1960-2013Dev Kar and Joseph SpanjersSeptember 2015Flight Capital and Illicit Financial Flowsto and from Myanmar: 1960-2013Dev Kar and Joseph Spanjers1September 2015Global Financial Integrity wishes to thank theGovernment of Finland for supporting this project.Copyright© 2015 by Global Financial Integrity®. Some rights reserved.This report is published under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0Unported (CC BY-NC-ND 3.0) license. For more information on the license, visit:Global Financial Integrity® and the Global Financial Integrity Logo areregistered trademarks of Global Financial Integrity.1.Dev Kar is Global Financial Integrity’s Chief Economist, having served previously as a Senior Economist at the International MonetaryFund for more than 30 years. Joseph Spanjers is GFI’s Junior Economist. They would like to thank Raymond Baker, Christine Clough,Channing May, and other GFI staff for helpful comments.Global Financial Integrity is pleased to present its reportFlight Capital and Illicit Financial Flowsto and from Myanmar: 1960-2013.Myanmar is the most porous economy we have studied in depth. Long isolation, trade restrictions,and attempts to regulate currency exchange rates have combined to drive a substantial part of theeconomy underground.Table 1. Summary: Myanmar’s Flight Capital and Illicit Flows, 1960-2013(in billions of constant (2010) U.S. dollars)Flight CapitalInflowsOutflows82.835.9Illicit Flows77.718.7Totaling the flight capital numbers indicates that Myanmar has experienced largely unregulatedfinancial movements of nearly US$120 billion over the period (a small portion of flight capital may belicit), while total illicit flows amounted to almost US$100 billion. In 2013 alone, unregulated financialinflows totaled some US$10 billion, over 20 percent of GDP. Purely illicit inflows were on a similarscale in that year, at 17 percent of GDP. And these numbers do not include the smuggling of drugs,timber, precious stones, and other goods, transported across various routes and mountain passesto and from India and China, as indicated by a brief selection of satellite images included in thepages following.Interestingly, the greater part of what we can analyze as illicit flows have been inward, in reaction toimport controls and to escape import levies. Undervalued and smuggled imports have sustainedthe weakened economy through years of insularity, isolation, and instability.Tax collection to GDP at seven percent is one of the lowest in the world, undermining the ability ofthe state to provide adequate health and education services. Corruption, according to TransparencyInternational’s Perceptions Index, places Myanmar among the bottom 20 in the world.These are extremely serious challenges for a nation just beginning, haltingly, to emerge from itsshadows. Within our focus on financial transparency concerns, we recommend that Myanmar 1)make concerted efforts to adopt and enforce Financial Action Task Force anti-money launderingand combatting terrorist financing regulations, 2) provide its Customs Department with real-timeworld market trade pricing data, 3) greatly improve its statistical capabilities, and 4) enhance borderFlight Capital and Illicit Financial Flows to and from Myanmar: 1960-2013iii [ Pobierz całość w formacie PDF ]