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INSIDECOSTARICA.COM
| COSTA RICA
NEWS BRIEFS
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Monday 14 February 2011 |
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Costa
Rica
Among
Top Five
Latin
American
Countries
With
Illegal
Flow Of
Money
Costa
Rica
places
fifth in
Latin
America
of the
countries
in the
list of
illegal
flow of
money.
The
Organization
for
Economic
Cooperation
and
Development
(OECD)
estimates
some
u$4.4
billion
dollars
a year
flow
through
the
country.
The
study
looked
at the
period
spanning
from
2000 to
2008 for
ten
countries
in Latin
America.
According
to the
Global
Financial
Integrity
(GFI)
Costa
Rica is
behind
Mexico
who is
in first
place
with
us$46
billion,
Venezuela
with
us$17
billion,
Argentina
us$10
billion
and
Chile
us$8
billion.
In
global
terms,
Mexico
is in
third
place
behind
China
and
Russia.
Although
Costa
Rica
does not
rank
among
the top
ten in
the
global
scale,
it does
make it
fifth in
Latin
America,
categorized
as a
financial
centre
for
offshore
banking,
that is,
as
streaming
site for
activities
such as
drug
trafficking,
arms
trafficking
and
prostitution.
Added to
the of
illegitimate
funds is
speculative
money
flowing
in and
out
causing
financial
instability,
also
called
"hot
money."
According
to
economists
Dev Kar
and
Karly
Curcio,
the GFI,
this
money
includes
everything
from the
price
distortion
in
international
trade to
tax
evasion
and
corruption
money..
The
OECD
The
Organisation
for
Economic
Co-operation
and
Development
(OECD)
is an
international
economic
organization
of 34
countries
founded
in 1961
to
stimulate
economic
progress
and
world
trade.
It
defines
itself
as a
forum of
countries
committed
to
democracy
and the
market
economy,
providing
a
platform
to
compare
policy
experiences,
seeking
answers
to
common
problems,
identifying
good
practices,
and
coordinating
domestic
and
international
policies
of its
members.
The
OECD's
headquarters
are at
the
Château
de la
Muette
in
Paris,
France.
The
GFI
Global
Financial
Integrity
(GFI) is
a
non-profit,
research
and
advocacy
organization
located
in
Washington,
DC. GFI
advocates
and
conducts
research
on
national
and
multilateral
policies,
safeguards,
and
agreements
aimed at
curtailing
illicit
financial
flows
and
enhancing
global
development
and
security.
Global
Financial
Integrity
was
launched
in
September
2006
following
the
publication
of
Capitalism’s
Achilles
Heel:
Dirty
Money
and How
to Renew
the
Free-Market
System,
(John
Wiley &
Sons
2005),
written
by
Center
for
International
Policy
Senior
Fellow
Raymond
W.
Baker,
who is
now the
Director
of GFI. |
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