Tuesday, August 27, 2013

Illicit financial flows from Africa, in pictures

In May this year we reported on a new study by the African Development Bank and Global Financial Integrity, entitled Illicit Financial Flows and the Problem of Net Resource Transfers from Africa: 1980-2009. It complements TJN's research published last year estimating that there is $21-32 trillion sitting offshore, effectively out of the reach of tax authorities.

Now, from The Africa Report, a new article which revisits this theme, a picture of the haemorrage:

Click to enlarge. As The Africa Report notes:
"In the three decades from 1980 to 2009, African countries lost up to $1.4trn in illicit financial flows, known as capital flight.

"It's a staggering figure," says AfDB chief economist Mthuli Ncube. "Around $30-40bn is leaving the continent each year."
The Africa Report also carries a top story entitled Thirty Ideas Shaking Up Africa, with a heavy focus on technology. But it's not all about African tech. The first of the 30 ideas is . . . Tax Justice. 


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