Illicit financial outflows hampering Africa’s development, says Zuma
THE loss of resources in Africa through illicit financial outflows is hampering the continent’s development plans, President Jacob Zuma said during the general debate at the UN general assembly in New York.He said the joint African Union and UN economic commission for Africa’s high-level panel on illicit financial flows estimated that the illicit flows could be about $50bn per annum."Illicit financial flows deprive developing countries of the much-needed economic resources to uplift their economies in order to provide infrastructure and basic services such as education and health care."We urge the world at large to treat this problem with the seriousness and urgency that it deserves," Zuma said.READ THIS: Zuma told to sign Financial Intelligence Centre bill into law or face court actionHowever, Zuma’s comments come as he delays signing the Financial Intelligence Centre (FIC) Amendment Bill.The Council for the Advancement of the SA Constitution has warned Zuma to sign the amendment...
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