Monday, 2 February 2015

Fraud, organized crime costing Africa billions per year: study - Al Arabiya News

Fraud, organized crime costing Africa billions per year: study - Al Arabiya News

Africa loses at least $50 billion a year to illicit practices like tax fraud, corruption and organized crime, a worrying situation that is hurting the continent’s economies, a UN-mandated study group warned Sunday.

Illicit financial flows -- which range from international corporations dodging taxes to the trafficking of weapons and minerals -- are a barrier to creating jobs on the world’s poorest continent, according to the group headed by ex-South African president Thabo Mbeki.

“Large commercial corporations are by far the biggest culprits of illicit outflows, followed by organized crime,” said Mbeki in the report commissioned by the United Nations and African Union to study illicit cash flows.

“We are also convinced that corrupt practices in Africa are facilitating these outflows.”...
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