UN Africa Report Reveals Startling Illicit Financial Flows
- New York Law360 2015
- 4p.
A new, comprehensive report published by the African Union (AU) High-Level Panel on Illicit Financial Flows and the United Nations Economic Commission for Africa (UNECA) concludes that Africa loses more than $50 billion every year to illicit financial flows (IFFs). The report represents the first African initiative of its kind, and is the product of a study that began in February 2012. It analyzes various illicit practices of governments and multinational companies that deprive African countries of tax payments, facilitate the undervaluing of African trade, and perpetuate profit-shifting schemes that collectively divert billions of dollars in essential capital from the world’s poorest continent every year.
