Illicit Financial Flows out of Africa Database catalog

Campaign to End

Illicit Financial Flows from Africa

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Money Laundering Resulting from the Counterfeiting of Pharmaceuticals in West Africa

This study, published by Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is aimed at understanding the nature and magnitude of money laundering in West Africa as a result of counterfeiting pharmaceuticals. The study encourages countries to reorganise approaches in tracking, tracing and encoding legitimate products. Based on the findings of the study, one of the recommendations made is that law enforcement and regulatory officials involved in counterfeit pharmaceuticals should be adequately trained.

Botswana’s Diamond Deception

This article, published by the Open Society Initiative for Southern Africa, examines how the relationship between the Botswana government and the largest diamond company in the country, Debswana is potentially costing the country millions of dollars. The article reveals that Botswana’s secretive diamond economy is potentially constructed around the coinciding and self-perpetuating interests of a ruling party and a private entity. Although Botswana is ranked by Transparency International as the least corrupt country on the continent, this article unpacks the mechanisms that induced this potential loss.

The 5th Pan African Conference on Illicit Financial Flows (IFFs) and Taxation 11th – 12th October 2017, Nairobi, Kenya: Concept Note

Tax Justice Network Africa (TJNA) and the United Nations Economic Commission for Africa (ECA) and in partnership with ICRICT; FES; and the GATJ are organising the 5th Pan African conference on IFFs and taxation. The annual conferences seek to provide a forum for policy actors from Africa and globally to articulate problems and propose solutions towards curbing IFFs from Africa. Stakeholders and policy actors drawn from government, civil society organisations, labour, researchers and academia and other relevant players, will gather on Nairobi, Kenya to deliberate on the topical issue of illicit financial flows (IFFs) from Africa and proffer solutions on how to curtail the trend that is ripping off Africa of billions of dollars on a yearly bases. The Pan African Conference (PAC) on Illicit Financial Flows will focus on the emerging attempts to “recast and reshape the IFFs narrative and methodology and what this would signify for the struggle against IFFs from Africa and more broadly for the implementation of the Sustainable Development Goals.”

Finance and Banking in Africa: Extracts from the Africa Progress Panel Report 2014

The Africa Progress Panel promotes Africa's development by tracking progress, drawing attention to opportunities and catalysing action. This report highlights the consequences of the deficits in finance and infrastructure for the most important development challenge facing Africa – strengthening the bridge that connects economic growth to the wellbeing of people. Many African governments are failing to convert the wealth created by economic growth into opportunities that all Africans can exploit to build a better future. Inequality is increasing. Poverty is not falling nearly as fast as it should, and Africa’s share of global malnutrition and child deaths is rising fast.

Illicit flows: Beyond the Mbeki Report

The state must be also an active participant in ’the generation of economic surpluses’. In a sense, the African state must be back in the saddle as a developmental state, not simply the regulator or arbiter that it has been reduced to from years of structural adjustment and playing second fiddle to foreign capital.

Tax Havens: International Tax Avoidance and Evasion

The federal government loses both individual and corporate income tax revenue from the shifting of profits and income into low-tax countries, often referred to as tax havens. Tax havens are located around the world with concentrations in the Caribbean and Europe. Corporate profit shifting may cost up to $60 billion in revenue and remedies are likely to involve tax law changes. Individual income tax losses more often arise from tax evasion, and are facilitated by the lack of information reporting; remedies involve administrative changes, especially in requirements for information reporting. Losses may be as much as $70 billion per year.