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News and Ideas

News and Ideas (17)

Par Amandine Rushenguziminega,
Project Associate International Justice et Illicit Financials Flows

L’exemple de la Suisse, Première Place des juridictions secrètes au monde

Les flux financiers illicites (FFI) ont une importance capitale sur le développement économique, social et même politique de l’Afrique. Ils contribuent à appauvrir le continent. Durant ces cinquante dernières années, l’Afrique a perdu plus de 1’000 milliards de dollars dû aux FFI.

Last modified on Wednesday, 28 November 2018 18:46

TrustAfrica is currently hosting a ‘Meeting on Enhancing convergence of the media and civil society in collaborative efforts towards combatting Illicit Financial Flows from Africa’, taking place in Addis Ababa, Ethiopia, on 28th and 29th June 2018, and in collaboration with Thomson Reuters Foundation (TRF) and the United Nations Economic Commission for Africa (UNECA).  

Africa loses an estimated $60 billion every year through Illicit Financial Flows (IFFs). Defined by the Global Financial Integrity as “money that is illegally earned or transferred”, this enormous hemorrhage of financial resources from the continent severely undermines Africa’s capacity for domestic resource mobilization (DRM) leaving African countries with no resources to finance development. The majority of these IFFs originate from tax evasion and tax avoidance practices perpetrated by multi-national corporations (MNCs), particularly those involved in the extractive sector. In the last 3 decades cumulative losses from the continent amount to over $1 trillion. Thus, effectively IFFs deprive countries of public revenues that could be used to address poverty and inequality.

Last modified on Friday, 04 May 2018 11:12
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