Sunday, 23 March 2014

 

Africa: Stolen Funds Dwarf Development Aid - Mbeki PDF Print Email
Sunday, 23 March 2014 11:10 Interviews

Africa: Stolen Funds Dwarf Development Aid - Mbeki

WASHINGTON, March 23, 2014, (AllAfrica) -- The illicit flow of money out of Africa is at least double what the continent receives from development assistance, according to conservative estimates. Large corporations are responsible for most of the losses, although government theft does play some role, according to Thabo Mbeki, the former South Africa president who is heading the High-level Panel on Illicit Financial Flows from Africa, created by the UN Economic Commission for Africa and the African Union. Money leaves Africa through tax evasion, money laundering, cross-border smuggling and corruption.


 

 

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