Stop flight of wealth from developing nations

G20 leaders should take stringent measures to stop the unhindered flow of "corrupt or stolen money" from the developing countries to the world's top economies.

Brac Institute of Governance and Development and Transparency International Bangladesh said this in a joint statement yesterday. The statement was addressed to the G20 leaders who are meeting in Australia's Brisben on November 15 to discuss, among other issues, financial transparency of multinational corporations.

At least one trillion dollars are siphoned from developing countries each year due to lack of monitoring in the international financial system. It benefits the biggest economies but badly affects millions of people in poorer countries, the statement said.

Drawing their attention on how the international racket working behind this illicit flow of money remains outside the dragnet, the joint statement called on the heads of the G20 nations to put anti-corruption and money laundering issues high on the agenda at the group's meeting in Australia this week.

"As long as the international financial system and the governments managing the system will help hide corrupt or stolen money, millions of poor from the developing countries will be subjected to immense suffering. We hope the world leaders will commit themselves to shedding light on this racket at the Brisben summit," the statement said.