A/HRC/28/60 substantially higher than the estimated annual costs of achieving the Millennium Development Goals.7 10. According to the latest GFI estimates, developing countries lost US$ 991.2 billion in illicit financial outflows in 2012, a further increase of 1.8 per cent from 2011. Since 2003, illicit financial outflows have increased in real terms by about 9.4 per cent per annum. The significance of such a resource drain is demonstrated by comparing those figures with official development assistance (ODA) received by developing countries. In 2012 ODA stood at US$ 89.7 billion, meaning that, for every dollar in development assistance spent in 2012, more than US$ 10 left developing countries in the form of illicit financial outflows. According to GFI, ODA and foreign direct investment combined did not net out illicit financial outflows from developing countries over the last decade.8 Figure I Illicit financial flows from developing countries 2003–2012 (Billion US$) Source: Kar and Spanjers, Illicit Financial Flows, 2014 (see footnote 5), p. viii. 11. While a certain percentage of illicit financial outflows re-enters developing counties in the form of illicit inflows, those funds do not make up for the loss of capital through illicit outflows. Even estimates that net out illicit outflows with inflows indicate a substantial net outflow during recent decades.9 Furthermore, illicit financial inflows are generally not taxed, or invested into public or social services to further the realization of human rights. Instead they flow into the underground economy, thereby compounding the 7 8 9 Shantayanan Devarajan, Margaret J. Miller and Eric V. Swanson, “Goals for development: history, prospects and costs”, World Bank Policy Research Working Paper (April 2002). Kar and Spanjers, “Illicit financial flows from developing countries: 2003–2012” (see footnote 5), p. vii. See for example James K. Boyce and Léonce Ndikumana, “Capital flight from Sub-Saharan African countries: updated estimates, 1970–2010” PERI Research Report October 2013 (Amherst, University of Massachusetts), p. 5. 5