Malawi Commits to Prevent Illicit Capital Flight
- Blantyre: Nyasa Times, 2013.
Malawi made the commitment to prevent illicit capital flight during the African Commission on Human and People’s Rights 53rd Ordinary Session, held, in the Gambia through adoption of resolution 236 on Illicit Capital Flight from Africa. The resolution calls on nations to put in place rules and regulations to curb capital flight from the continent.Malawi has committed to examine its national tax laws and policies towards preventing illicit capital flight. Currently, Malawi ranks 75th out of 143 countries for largest average illicit financial flow estimates for 2001 to 2010. Malawi has lost USD 4,691 million between 2001 and 2010 due to illicit financial flows where Companies and individuals are able to avoid paying taxes by shifting large sums of money from one jurisdiction to another.
CAPITAL FLIGHT, CAPITAL OUTFLOW, TAX HAVENS, TAXES
