Africa losing $60bn through illicit financial flows – AU
- Lusaka Daily Mail 2014.
THE Africa Union commission says Africa is losing about US$ 60 billion annually from tax evasion and illicit financial flows, which is affecting the continent’s development agenda. Tax evasion and illicit financial flows are complex endeavour that calls for cooperation from stakeholders. Africa is losing about US$60 billion annually through different methods such as transfer pricing or tax evasion. This money can be used for Africa’s development. There are advanced plans to establish a commission on mineral development with Zambia and Zimbabwe to discuss the establishment of the African Mining Vision Centre (AMVC) in a move to curb IFFs.
