A new 16-minute documentary from the Economic Commission for Africa (ECA)'s High Level Panel on Illicit Financial Flows from Africa explains why the AU and Africa's finance ministers decided in 2010 to bring the issue of curbing illicit financial outflows--i.e., financial outflows from Africa through the illicit activities of multinational companies and rich individuals--to the world stage. Burgeoned by the aftermath of the Panama Leaks, H.E Thabo Mbeki, Chairman High Level Panel on Illicit Financial Flows; Abdalla Hamdok, Deputy Excecutive Secretary/Chief Economist - ECA and others in the documentary make the case that Africa, through Illicit Financial Flows (IFFs), cannot continue to subsidize richer Western nations. More about the ECA in this BRIEFING.
Stop the Bleeding - Curbing Illicit Financial Flows - the 16-minute documentary features H.E Thabo Mbeki, Chairman High Level Panel on Illicit Financial Flows (IFF); Hon. Khanyisile Litchfield-Tshabala, Chairperson African Parliamentary Network on IFF and Tax (APNIFET); Emmanuel Nnadozie, Excecutive Secretary of the African Capacity Building Foundation (ACBF); Logna Wort, Excecutive Secretary - African Tax Administration Forum; Abdalla Hamdok, Deputy Excecutive Secretary and Chief Economist ECA; Raymond Baker, President Global Financial Integrity; Dr. Anthony Mothae Maruping, Commissioner for Economic Affairs AU; Prof. Edward Maloka, CEO Africa Peer Review Mechanism; Alvin Mosioma, Excecutive Director - Tax Justice Network Africa.
Africa loses massive financial resources, about US$50 billion each year through illicit activities of multinational companies and rich individuals. ... see more »
UNECA, 27 April 2016
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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 »