Illicit Cash Flows From Africa Stands at $90 Billion: Mbeki
- South Africa South African Broadcasting Corporation(SABC)
- 2p.
The article reveals that illicit financial flows from the African continent are now estimated to stand at ninety billion U.S. dollars. This stems from the AU Panel on IFF chair Mbeki who was addressing the media. The panel has presented recommendations which have also sparked an interest from other continents. Development on the African continent will hit a brick wall if illicit financial outflows are not halted or at least reduced. These illicit outflows are carried out by major companies. He said these companies collude with suppliers to inflate prices on the invoices and use base erosion and profit shifting to avoid paying tax.
