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