illicit financial flows

Ghana loses $5.5 billion annually in trade leakages

Photo©ReutersGhana loses a staggering $5.5 billion annually due to trade leakages, a development that is hampering the country's economic growth, Global Financial Integrity (GFI) says in its latest report.

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Thabo Mbeki charges against illicit financial flows

Former South African President Thabo Mbeki. Photo©Thibault Camus/AP/SIPASeven years since leaving office, Mbeki doesn't hide his impatience with Africa's failure to fulfill its great potential. And on matters pertaining to Africa's socioeconomic and political development, former South African president Thabo Mbeki's voice, tempered by age and experience, continues to be heard as he fights against illicit financial flows.

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Where is the voice of Africa?

Thabo Mbeki Former president of South Africa. Photo©ReutersSouth Africa's former President Thabo Mbeki talks to The Africa Report about African diplomacy, the economic slowdown and the fight against illicit financial flows. 

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Zimbabwe loses millions in illicit financial flows

Photo©ReutersAt least $500 million could have been spirited out of Zimbabwe through illicit financial flows this year alone, the country's central bank chief, John Mangudya said.

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BRICS Summit: South Africa should set tone for FfD Conference in Addis Ababa

With BRICS Summit just days before the Financing for Development Conference, emerging country leaders have a unique opportunity.

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Innovative finance for Africa's new big projects

File photo©ReutersInnovative bankrolling is gaining popularity and raising high hopes. African countries are increasingly exploring novel ways to finance their massive infrastructure projects. The Grand Renaissance Ethiopian Dam, a $4.8 billion project, is reportedly being built without money from traditional donors.

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Africa loses $60bn annually through illicit finance flow

Capital flight from Africa continues to be a major thorn in the continent's side following a new progress report that says up to $60 billion is leaked through illicit financial flows every year.

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BRICS countries lead global capital flight-report

The BRICS grouping of emerging market nations is leading the flight of illicit capital from the developing world, according to data in a new report released this week.

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US-Africa Summit: Avenues of anonymity and illicit financial flows

Photo©ReutersAs the first ever US-Africa summit opens in Washington, DC, scrutinising secrecy within the financial system, which contributes to Africa's growing amount of illicit financial flows, remains crucial.

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Illicit financial flows: South Africa and Nigeria speak out

Nigeria has lost as much as $89.5bn and South Africa $24.9bn between 1970 and 2008  criminal trade and money launderingThe arguments over criminal trade and money laundering are fiercest in Nigeria and South Africa, the continent's two biggest economies.

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EU-Africa Summit: The sore case of illicit Financial Flows

Photo©ReutersWhile the origin of illicit financial flows ranges from government embezzlement to human trafficking, and from corporate tax evasion to grand corruption, the destination seems less ambiguous.

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Samosas and illicit financial flows in Lusaka

Shauna's trip to Lusaka, Zambia where she attends an economic commission panel on illicit financial flows from Africa, leads to a number of revelations about the origin of illicit financial flows and some of the tricks used by the high and mighty to bamboozle vulnerable governments and connive with those who seek to exploit the weaknesses in international governance. But that is only the tip of the iceberg until she meets Katinka the investigative journalist.

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Illicit financial flows are bleeding Africa

Governments must fight against trade misinvoicing, tax evasion, terrorism financing and other forms of illicit financial flows that sap the continent's strength.

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