BRICS lead massive illicit capital flight, says report

Johannesburg

The BRICS grouping of emerging market nations is leading the flight of illicit capital from the developing world, according to data in a new report released this week.

In its annual estimate of illegal capital flows, Washington-based think-tank Global Financial Integrity (GFI) said a record US$991 billion was siphoned in 2012 from the world's developing economies, an increase of almost 5 per cent from 2011.