Pillaging of Africa: Zuma and successors must take steps to end losses
Massive illicit financial flows and the loss of public revenues continue unchecked in Africa
Africa "loses billions of dollars [that] would otherwise be utilised to develop the continent…. Money laundering, tax evasion and tax avoidance, corruption, and transfer pricing by multinational companies are some of the biggest challenges to economic grown and stability." Illicit financial flows and the loss of public revenues needed by African governments for better provision of education, healthcare, housing and other critical public needs is not a new problem. However, the above quote does not come from an opinion writer or private advocacy group; these words of alarm are those of President Jacob Zuma, from his September20 address to the UN General Assembly. Zuma identified illicit flows as a top priority, ahead of more predictable calls for greater UN efforts to advance collective security, humanitarianism and sustainable development. He also correctly complained that they "undermine the integrity of the global financial system, efficient tax collection and equitable allocation...
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