Say No to Illicit Financial Flows
- United Kingdom The Zimbabwean 2013
The article gives an in-depth analysis of IFF`s in Zimbabwe,what they are and their implications .The article acknowledges that while it is clear that money is the main motivation behind IFFs,literature seems to ignore the players involved and the amount of money involved .IFFs are fanancial crimes by those with power(political and financial).Estimates say laundered commercial money through multinational companies constitutes the largest componet of IFFs,followed by proceeds from criminal activities,and lastly corruption.IFFs breed in an environment where there is a lot of natural resource wealth ,weak governance structures for natural resources(weak policy and institutional frameworks,lack of disclosure,secrecy),high levels of corruption and high levels of impunity.Zimbabwe is estimated to be losing over $US 50 million worth of gold every month due to smuggling activities.The Global Financial Intergrity Report notes that IFFs in Zimbabwe manifests through and as a result of secret financial deals,tax avoidance and illegal commercial activities,secrecy in the negotiation of mining contracts and concessions.The article also gives a raft of recommendations to curb IFFs.
