Reuters: Illegal money flows from Africa near $90 billion, U.N. study says
GENEVA (Reuters) - Africa is losing nearly $89 billion a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a U.N. study showed on Monday.
The estimate, in the United Nations Conference on Trade and Development’s (UNCTAD) 248-page report, is its most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates.
The report calls Africa a “net creditor to the world,” echoing economists’ observations that the aid-reliant continent is actually a net exporter of capital because of these trends.
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WNU Editor: Only $89 billion. For one year that is a small amount. But over 15 years we are talking big money .... Africa’s ‘lost $836bn through illegal transfers’.
More News On Africa Losing $89 Billion Per Year Through Tax Evasion And Theft
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