01577nam a22001337a 4500 Lomborg ,Bjørn Curbing illicit financial flows: How to raise $770bn for African development Cairo Daily News Egypt, 2014. 3p. The article stress that IFFs should be placed as one of development priorities for the next 15 years – with the Millennium Development Goals expiring in 2015. The costs of IFFs justifies the point, 20 sub-Saharan Africa countries are estimated to have lost more than 10% of their GDPs since 1980, while Africa as a whole is still estimated to be losing 3.4% of GDP, that is, US$76 billion each year. Illicit cash flows are not necessarily strictly illegal. Money laundering – transferring the proceeds of crime through apparently legitimate channels – is clearly illegal and the subject of stringent checks in the banking sector. Abuse of power by kleptocratic regimes to skim off a country’s wealth into Swiss bank accounts at the expense of the rest of society is morally wrong and often also criminal. What is less clear-cut is the avoidance of tax; while being legal in the strict sense of the word, this is frowned on by society. Recently, this has become a big story in some countries as multinational companies have, quite legitimately, minimised their tax liabilities. CAPITAL FLIGHT CORRUPTION DEBT ILLICIT WEALTH TRANSPARENCY http://iffoadatabase.trustafrica.org/iff/curbing_illicit_financial_flows_how_to_raise_$770bn_for_african_development.pdf NA 344 344