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Why Oil Exporting Countries Need Transparency

We've compiled a slideshow of the top 10 oil exporting countries and listed the cost that corruption and financial opacity has on each country's economy.
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President, Global Financial Integrity

President, Global Financial Integrity
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Corruption and secrecy in the oil, gas and mining industries takes a serious toll on developing and emerging economies. It negatively affects human rights, governance, global development and security.

A provision of the new Dodd-Frank financial reform legislation shines a light on the deals that oil, gas and mining companies make with foreign governments, however oil executives are lobbying the Securities and Exchange Commission for special exemptions for themselves in this new law.

We've compiled a slideshow of the top 10 oil exporting countries and listed the cost that corruption and financial opacity has on each country's economy. This is a serious problem, and we must ensure that the SEC issues strong proposals that don't exempt oil companies from this important law.

Flip through the slideshow and then click here to take action and learn more.

Illicit Financial Flows from the Top Ten Oil Exporting Countries
10. Libya(01 of10)
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Libya, the 10th biggest exporter of oil in the developing world, lost US$43.32 billion in illicit financial outflows from 2000-2009, according to Global Financial Integrity.Above: Civilians celebrate atop a revolutionary forces tank near Sirte, Libya, Sunday, Sept. 25, 2011. (AP Photo/Manu Brabo) (credit:AP)
9. Mexico(02 of10)
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Mexico, the developing world's 9th largest oil exporter, lost US$504 billion from 2000-2009, according to Global Financial Integrity. Unlike most oil exporting countries, Mexico's illicit financial outflows were primarily due to trade mispricing and tax evasion, instead of corruption, kickbacks, and criminal activity.Above: Soldiers inspect a destroyed vehicle after unidentified assailants ambushed a man in this car who later crashed and died in the Pacific resort city of Acapulco, Mexico, Wednesday Dec. 1, 2010. (AP Photo/Bernandino Hernandez) (credit:AP)
8. Algeria(03 of10)
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Algeria, the 8th largest oil exporter in the developing world, lost US$23 billion to illicit financial flows between 2000-2009, according to Global Financial Integrity.Above: Algerian protesters holding a banner reading "Long live Algeria, Stop Swindling of Real Estate, Stop Contempt, Yes for Social Justice" during a demonstration in Algiers, Algeria, Saturday Feb. 12, 2011. (AP Photo/Sidali Djarboub) (credit:AP)
7. Nigeria(04 of10)
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Nigeria, the developing world's 7th largest oil exporter, lost US$181 billion in illicit financial flows from 2000-2009, according to Global Financial Integrity. It had the largest illicit outflows in Africa.Above: In this Friday, Jan. 21, 2011 photo, children play in the Makoko slum, in Lagos, Nigeria. (AP Photo/Sunday Alamba) (credit:AP)
6. Kuwait(05 of10)
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Kuwait, the developing world's 6th largest oil exporter, lost US$270 billion in illicit financial flows from 2000-2009, according to Global Financial Integrity.Above: Opposition groups wave flags during a demonstration in front of the Seif Palace, Kuwait City on Tuesday March 8, 2011. (AP Photo/Gustavo Ferrari) (credit:AP)
5. Venezuela(06 of10)
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Venezuela, the 5th largest oil exporter in the developing world, lost US$178 billion to illicit financial flows from 2000-2009, according to Global Financial Integrity. Its outflows ranked #1 in all of South America.Above: In this photo taken Aug. 11, 2010, clothes hang to dry in the backyard of a shack in Catia, one of the poorest slums in Caracas, Venezuela. (AP Photo/Ariana Cubillos) (credit:AP)
4. United Arab Emirates(07 of10)
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The United Arab Emirates, the developing world's 4th largest oil exporter, lost $296 billion to illicit financial flows from 2000-2009, according to Global Financial Integrity.Above: Due to power outage, a shopkeeper serves his customers under the light of candles in Sharjah, United Arab Emirates, in this photo taken Thursday May 27, 2010. (AP Photo/Farhad Berahman) (credit:AP)
3. Iran(08 of10)
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Iran, the developing world's 3rd largest oil exporter, lost $75 billion to illicit financial flows from 2000-2009, according to Global Financial Integrity.Above: FILE - In this June 15, 2009 file photo, a demonstrator wears a mask in the party's color of green, due to fears of being identified, as hundreds of thousands of supporters of leading opposition presidential candidate Mir Hossein Mousavi, who claims there was voting fraud in election, turn out to protest the result of the election at a mass rally in Azadi (Freedom) square in Tehran, Iran. ( Photo by Ben Curtis) (credit:AP)
2. Russia(09 of10)
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Russia, the developing world's 2nd largest oil exporter, lost $501 billion to illicit financial flows from 2000-2009, according to Global Financial Integrity. Russia ranks third in worldwide illicit outflows over that period.Above: Riot police officers patrol in central Moscow outside Kremlin on Monday, Dec. 13, 2010, amid fears of repeat of Saturday's clashes. (AP Photo/Alexander Zemlianichenko) (credit:AP)
1. Saudi Arabia(10 of10)
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Saudi Arabia, the developing world's largest oil exporter, lost US$380 billion to illicit financial flows from 2000-2009, according to Global Financial Integrity. Illicit Financial Flows doubled from US$41 billion in 2008 to US$82 billion in 2009, despite the global financial crisis and slowdown in international trade.Above: The sun sets behind the minarets of Imam Muhammad Ibn Saud Islamic University mosque in Riyadh, Saudi Arabia, Sunday, June 5, 2011. (AP Photo/Hassan Ammar) (credit:AP)

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