Peter "Just Loves Flying"

The fight against dirty money goes global | North Africa.

A s heads of state meet Malabo on 1 July for the African Union (AU) summit, a substantial bombshell is due to drop at the gathering.

It will take the form of a no- holds-barred investigation into the multibillion-dollar losses that state treasuries are suffering across Africa due to what are euphemistically called ‘illicit financial flows.’

A detailed research dossier on how these losses are engineered and the damage they do to Africa’s development chances, along with some hard-hitting recommendations, will be released at the summit.

The report’s authors hope the scale of the losses to African treasuries – $50-100bn a year at a time when the continent is scrabbling for development capital – will prompt serious and practical action from the assembled leaders.

These losses are the ill-gotten gains of grand corruption, criminal fixing of trade prices, tax evasion and money laundering…

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