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Tag: UNCTAD

Tax Evasion and Theft ‘rob Africa’ of $89bn A year; UN study

Tax Evasion and Theft ‘rob Africa’ of $89bn A year; UN study

FEATURED, NEWS, Politics
Nearly half of the total annual figure of $88.6bn is accounted for by the export of commodities such as gold, diamonds and platinum, the report found. Africa is losing nearly $89bn a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a new UN study shows. The estimate, published on Monday in the United Nations Conference on Trade and Development’s (UNCTAD) 248-page report, is the UN’s most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates. Nearly half of the total annual figure of $88.6bn is accounted for by the export of commodities such as gold, diamonds and platinum, the report said. For example, gold accounted for 77 percent of total under-invoi...