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Israeli Diamond Billionaire Arrested On Suspicion Of Bribing African Officials

AFRICANGLOBE - Benny Steinmetz, an Israeli diamond magnate and one of the world’s richest men, was arrested Monday on suspicion of money laundering and bribing Guinea officials to obtain half the rights to a valuable mining deposit in the country.

‘Africa Losing $150bn Annually To Illegal Financial Flows’

AFRICANGLOBE - Africa is s losing about $150 billion annually due to illegal financial flows through corruption, financial embezzlement and tax incentives to conglomerates. Illicit financial flows refer to the movement of money out of the formal government channels. These are mainly in the form of corruption, tax evasion and illegal exploitation.

Africa Loses U.S.$60 Billion Annually Through Illicit Financial Flows – Mbeki

AFRICANGLOBE - Monies for infrastructure and social amenities for the poor African population are being transferred to other countries via illicit financial flows. A former South African President, Thabo Mbeki, on Sunday in Abuja said African countries lose between $50 billion and $60 billion annually through illicit financial flow, IFF.

Illicit Financial Flows Pick Africa’s Pockets

AFRICANGLOBE - Between 2002 and 2012 South Africa lost $100.7 billion (about R1.1 trillion at yesterday’s rate) as a result of illicit financial flows, Masiiwa Rusare of African Monitor told delegates at the Alternative Mining Indaba in Cape Town yesterday.

Illegal Money Transfers Hurting Africa’s Growth

Experts say that the increasing trends of illicit financial flows are posing a great threat to Africa's economic growth as they pump back more...