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Africa: Stolen Funds Dwarf Development Aid - Mbeki
allAfrica, 20 March 2014
The illicit flow of money out of Africa is at least double what the continent receives from development assistance, according to conservative estimates. Large corporations are… Read more »
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Africa: Illicit Financial Flows - the Elephant in the Room at EU-Africa Meet
ThinkAfricaPress, 3 April 2014
European tax havens allow billions of dollars to leave Africa each year through hidden and corrupt means. This week's summit is an opportunity to address this problem head on. Read more »
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Africa: Africa Loses U.S.$60 Billion Annually Through Illicit Financial Flows - Mbeki
Premium Times, 31 March 2014
Monies for infrastructure and social amenities for the poor African population are being transferred to other countries via illicit financial flows. Read more »
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Africa: Actionaid Response to Progress Report From African Union Panel On Illicit Financial Flows
ActionAid, 1 April 2014
Commenting on the progress report presented today to the African Union finance ministers meeting, Henry Malumo, Africa Advocacy Co-ordinator, ActionAid said: Read more »
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Angola: Nation's Biggest Threat Is Offshore - and It's Not Piracy
ThinkAfricaPress, 7 February 2014
Eradicating shell companies won't eliminate Africa's economic and political problems overnight. But it will deprive criminals and kleptocrats of their most important asset:… Read more »
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West Africa: Livelihoods Weakened By Graft
UNIRIN, 3 January 2014
Poor public services in many West African countries, with already dire human development indicators, are under constant pressure from pervasive corruption. Observers say graft is… Read more »
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Africa: Illegal Financial Flows From Africa On the Rise
This is Africa, 12 December 2013
Sub-Saharan Africa lost the equivalent of 5.7 percent of its GDP to illicit financial flows in 2011 Read more »
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Kenya: Foreign Donors Should Halt Aid to Protest Money Laundering - Experts
AlertNet, 18 December 2013
Foreign donors should consider halting development assistance to Kenya unless it enforces its anti-money laundering laws and stems the flow of dirty money, experts in corruption… Read more »
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Kenya: Chic Nairobi Throbs to the Beat of Dirty Money
AlertNet, 10 December 2013
Money flows as fast as the champagne in the chic bars opening across Nairobi. Read more »
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Africa: Pushing Illicit Financial Flows to the Top of the Global Agenda
SAIIA, 2 July 2013
In 2012, Africa lost an estimated $43-$46 billion to illicit financial flows (IFF). Calculated over time, the size of this "shadow financial system" is staggering. For instance,… Read more »
Stolen Funds Dwarf Development Aid - Mbeki Panel
The High-level Panel on Illicit Financial Flows from Africa, headed by former South African President Thabo Mbeki, says an estimated $50 to $60 billion is leaving the continent annually through tax evasion, mispricing of commodities and corruption. This is more than twice the amount of development assistance sub Saharan Africa receives from donors.
Illicit capital flows from the continent exceeds development aid, say Thabo Mbeki.
InFocus
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Illicit money outflows are draining Africa's domestic resources, depriving it of crucial investment funds. Read more »
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"Illicit financial flows are unrecorded capital flows derived from: (a) proceeds of theft, bribery and other forms of corruption by Government officials; (b) proceeds of criminal ... Read more »
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Domestic resources should be mobilized to bring about inclusive development in Africa, particularly by stopping the illicit flow of money out of the continent, writes AllAfrica ... Read more »
