Tuesday, December 24, 2013

Fact of the Day

In 2008, Global Financial Integrity, a non-profit organisation based in Washington, D.C., United States, issued a report detailing the magnitude of the problem of illicit financial outflows from Africa. According to the report, an estimated 854 billion dollars was siphoned illegally out of the continent in the 39-year period from 1970 through 2008; that is, an average of 22 billion dollars annually. This was a conservative figure, because it did not include, according to the report, “the proceeds of smuggling.”

The lion’s share of such illicit flows comprised, not the proceeds of corruption, as might be expected, but “the proceeds of commercial tax evasion” by transnational corporations doing business in African countries.


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