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Langa, Venaranda

Illicit Financial Flows Curtail Economic Growth - Harare Newsday 2014

The article focuses on the need to curtail Illicit financial flows in Zimbabwe as the major way to widen the revenue base. Illicit flows through tax evasion, bribery, corruption, lack of transparency and accountability in mineral wealth and porousness at the country’s borders seem to have cost Zimbabwe a lot. There are no exact and recent statistics on how much Zimbabwe is losing through IFFs, other researches are however cited . IFFs range from simple private individual transfer of funds into private accounts abroad without having paid taxes, to highly complex schemes involving criminal networks that set up multi-layered, multijurisdictional structures to hide ownership. IFFs in Zimbabwe were more apparent in mining, forestry and wildlife-related safari activities. Measures to strengthen legal, institutional frameworks to curb IFFs are given and evidence of ‘Politicians being involved in IFFs is given.


WILDLIFE TAX EVASION TAX HAVEN ASSET STRIPPING CAPITAL FLIGHT CAPITAL OUTFLOW CORRUPTION COUNTERFEITING FALSE BILLING ILLICIT WEALTH KICKBACKS NATURAL RESOURCES MONEY LAUNDERING OFFSHORE SMUGGLING FRAUD WEAPONS