This is a policy brief for South Africa on Illicit Financial Flows. For every dollar that developing countries receive in aid, they lose ten in illicit financial flows. If African governments and development partners expect to meaningfully reduce poverty, the call for multilateral automatic tax information exchange must be supported and the country-by-country financial reporting standard should be adopted by the IASB in order to enable tax administrators to better detect the outflow of illicit money. South Africa has the opportunity to advance these measures on its own behalf as well as on behalf of the rest of the continent at the G20 Cannes Summit in November 2011.
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