This report,the seventh report in a series produced by Global Financial Integrity since 2008 provides estimates of the illicit flow of money out of the developing world from 2005 to 2014. In addition to the estimated outflows GFI has presented in the past, this report highlights estimated illicit inflows to developing countries.The study reveals that IFFs accounted for between about 14.1 percent and 24.0 percent of total developing country trade, on average, with outflows estimated at 4.6 percent to 7.2 percent of total trade and inflows between 9.5 percent to 16.8 percent.Total IFFs likely grew at an average rate of between 8.5 percent and 10.1 percent a year over the ten-year period. Outflows are estimated to have grown at an average annual rate between 7.2 percent and 8.1 percent and inflows at a slightly faster pace, between 9.2 and 11.4 percent per year. Those growth rates translate to an estimated range for total IFFs of $2 trillion to $3.5 trillion in 2014; outflows are estimated to have ranged between $620 billion and $970 billion in that year, while inflows ranged between $1.4 trillion and $2.5 trillion (in 2014). GFI’s measures of illicit financial flows stem mainly from deliberate misinvoicing in merchandise trade and leakages in the balance of payments (also known as “hot money flows).The massive flows of illicit capital shown in this study represent diversions of resources from their most efficient social uses in developing economies and are likely to adversely impact domestic resource mobilization and hamper sustainable economic growth.