Africa: The Billions That Got Away
This document mainly discusses the effect of Illicit Financial Flows and the effect it has on African Countries. In the Foreword on page 2 : Tendai Murasa speaks about Africa losing approximately US$50 billion annually through Illicit Financial Flows (IFFs). This AU/ECA’s High Level Panel on Illicit Financial Flows report and other studies - argue that Africa lost over US$1 trillion through IFFs in the last 50 years - an amount similar to Official Development Assistance in the same period. On page 3 infometrics is used to explain illicit financial flows, which originates mostly from commercial activities. The following article on page 4: Stop the bleeding – was launched by Trust Africa in support of African civil society organizations. Dubbed “Stop the Bleeding – Campaign to End Illicit Financial Flows from Africa”, this is envisaged as a campaign rooted in African experiences, driven by African agency and reinforced by global Africa solidarity linkages. The campaign broadens the conversation on illicit financial flows beyond specialist circles and seeks to mobilize ordinary people and key constituencies such as students and youth, trade unions and grassroots social movements to be a key part of the voices for change. In the next article on page 6: Here are the real crooks in Africa - where big, legal businesses outdo organized crime - The UN and African Union’s Illicit Financial Flows report has been released. For many who follow these matters closely, the world “illicit” perhaps immediately conjures the most notorious case of illicit funds in Africa - that perpetrated by former Nigerian dictator, Sani Abacha. The next article on page 9 – briefly shows by means of photo’s - the Top 10 sectors in illicit financial flows for Africa between 2000-2010. On page 10 - Illicit financial flows - Digital pirates costing Africa big bucks, but mobile banking could surprisingly save the day. This article continues the discussion on illicit financial flows (IFF), which are now at the forefront of the international agenda, as governments worldwide join forces to combat money laundering, tax evasion, and international bribery. Currently, Africa is estimated to be losing more than $50 billion annually in IFFs. On page 13 there is some feedback on the twitter sphere. The last article on page 14: Multinationals' dodgy tax dealings, stripping Africa's women of their rights - Tax avoidance, poor CSR exacerbate the gender gap. This article discusses the big multinational companies that dodge millions in taxes on their operations in Zambia, according to leading international charity ActionAid. While corruption is often identified as a major agent of illicit money on the continent, the much-covered illicit financial flows (IFF) report commissioned by the UN and the African Union suggests that commercial firms are responsible for more broke exchequers - costing Africa at least $1 trillion over the last 50 years.