On 3rd June, the Deccan Herald reported that a new report by the Global Financial Integrity (GFI)’, a Washington DC-based think tank says that ‘trade misinvoicing’ — where exporters and importers deliberately misreport the value, quantity, or nature of goods or services in a commercial transaction — has cost India potential revenues of $13 billion in 2016 – equal to 5.5% of the value of India’s total government revenue collections in 2016.   The report says that Trade misinvoicing is the most frequently used mechanism facilitating measurable illicit financial flows (IFF).  The value for goods involved is estimated at $74 billion, or 12% of the country’s total trade in 2016.  Some of the goods most at risk were imports from USA, Australia, South Africa and Ghana – with mineral fuels from Australia and South Africa and electrical machinery from China amongst the imports highlighted.  The GFI urges India to adopt a public registry of beneficial ownership information on all legal entities.

The report is available at –


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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