IIlicit cash outflows cost Africa $1.8 trillion in 38 years
source: http://bit.ly/9pKaOm
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A new study released yesterday in Washington DC, United States of America (USA) by the Global Financial Integrity (GFI) indicates that Africa lost over $1.8 trillion in illicit financial outflows from 1970 through 2008.
The study placed Nigeria at the op of the ladder in illicit outflows among Sub-Saharan African countries. Titled “Illicit Financial Flows from Africa: Hidden Resource for Development”, the new study however focused more on illicit financial outflows from just one source: trade mispricing. It however did not take a look into outflows from mispricing of services and smuggling.
The study placed Nigeria at the op of the ladder in illicit outflows among Sub-Saharan African countries. Titled “Illicit Financial Flows from Africa: Hidden Resource for Development”, the new study however focused more on illicit financial outflows from just one source: trade mispricing. It however did not take a look into outflows from mispricing of services and smuggling.
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