Africa: Liberia Booked? Illicit Financial Flows From Africa Shows Trail in UN Panel Report

A recent background paper by the United Nations Commission for Africa and the High Level Panel on Illicit Financial Flows from Africa has listed Liberia among a number of countries serving as a hub for offshore banking centers used by multinationals for tax havens to set up shell companies that can be used for a variety of tax evasion schemes.

Various international organizations including the United Nations, Global Financial Integrity, the World Bank and others defined Illicit Financial Flow as "money that is illegally earned, transferred, or utilized. Somewhere at its origin, movement, or use, the money broke laws and hence it is considered illicit."

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.