Africa: fraud and tax avoidance killing the ecomomy and hurting millions (Guardian)

I am just working on the issue myself this week for a French newspaper. More soon.

In the meantime, you can read:

Africa losing billions from fraud and tax avoidance

First African initiative to address illicit outflows says governments, multinationals and crime deprive poor countries of crucial services

Mark Anderson - Guardian

Monday 2 February 2015 15.43 GMT

http://www.theguardian.com/global-development/2015/feb/02/africa-tax-avoidance-money-laundering-illicit-financial-flows

 A party political billboard along a Lagos highway. Nigeria’s crude oil exports are often mispriced, according to a new report. Photograph: Pius Utomi Ekpei/AFP/Getty Images

Africa is losing more than $50bn (£33bn) every year in illicit financial outflows as governments and multinational companies engage in fraudulent schemes aimed at avoiding tax payments to some of the world’s poorest countries, impeding development projects and denying poor people access to crucial services.

Illegal transfers from African countries have tripled since 2001, when $20bn was siphoned off, according to a report released by the African Union’s (AU) high-level panel on illicit financial flows and the UN economic commission for Africa (Uneca).

The report was praised by civil society groups as the first African initiative to address illicit outflows from the continent.

In total, the continent lost about $850bn between 1970 and 2008, the report said. An estimated $217.7bn was illegally transferred out of Nigeria over that period, while Egypt lost $105.2bn and South Africa more than $81.8bn.

--

Read more here: 

http://www.theguardian.com/global-development/2015/feb/02/africa-tax-avoidance-money-laundering-illicit-financial-flows