A/70/275 Expert will address the legal and policy implications of financial complicity in a future study. 6. The second report of the Independent Expert (A/HRC/28/60 and Corr.1) consisted of an interim study on illicit financial flows, human rights and the post 2015 development agenda. The study highlighted the fact that illicit financial flows generated through crime, corruption, embezzlement and tax evasion represent a major drain on the resources of developing countries, reducing tax revenues and the scope for progressive taxation, hindering development and the rule of law, exacerbating poverty and inequality and undermining the enjoyment of human rights. Tax evasion and abuse are considered to be responsible for the majority of all illicit financial outflows, followed by illicit financial flows relating to criminal activities, such as drug trafficking, human trafficking, the illicit arms trade, terrorism and corruption-based illicit financial flows. According to some estimates 1 developing countries lost $991 billion in illicit financial outflows in 2012, and those flows have increased in real terms at a rate of 9.4 per cent per annum over the period from 2003 to 2012. According to the figures provided, total annual losses were substantially higher than the estimated yearly costs of achieving the Millennium Development Goals. 7. The report outlined how illicit financial flows undermine the enjoyment of economic, social, cultural, civil and political rights a nd emphasized the need for: (a) due diligence and due process in the fight against illicit financial flows; (b) better protection for witnesses and whistle-blowers; and (c) incorporating human rights considerations in the management of returned stolen assets. The report also contained recommendations on how the goal of curbing illicit financial flows could be operationalized within the United Nations post-2015 development agenda. 8. On 26 March 2015, the Human Rights Council adopted resolution 28/5, in which it welcomed the interim study of the Independent Expert and requeste d him to convene an experts meeting to inform his final study. That meeting is expected to take place in the fourth quarter of 2015 in New York. B. Country visits 9. Since taking up his position on 2 June 2014, the Independent Expert has sent requests to make visits to the Governments of China, Egypt, Greece, Iceland, Jamaica, Tunisia and Zambia. He has also requested official visits to various institutions of the European Union to discuss the impact of economic adjustment programmes on Greece and other countries members of the European Union. 10. The Independent Expert is grateful for the official invitations from the Governments of China, Greece and Iceland. 2 He visited Iceland from 8 to 15 December 2014 and visited China from 29 June to 6 July 2015. His visit to Greece is scheduled to take place from 30 November to 7 December 2015. He hopes to be able to visit different institutions of the European Union in early 2016 and to visit countries in other regions, including Africa and Latin America and the Caribbean, in 2016. __________________ 1 2 4/18 See A/HRC/28/60 and Corr.1, para. 10. As of 24 July 2015. 15-12541