Home

The Hidden Billions Behind Economic Inequality in Africa

Leave a comment

The Hidden Billions Behind Economic Inequality in Africa.

Reports this year of illicit moneys from African countries stashed in a Swiss bank – indicating that corruption lies behind much of the income inequality that affects the continent – have grabbed international news headlines.

Secret bank accounts in the HSBC’s Swiss private banking arm unearthed this year by the International Consortium of Investigative Journalists (ICIJ) were said to hold over 100 billion dollars, some of which came from Africa, including some of the poorest nations on the continent.

When these funds leave the region, they deny the very nations that need them most…

Fraud, organized crime costing Africa billions per year: study – Al Arabiya News

Leave a comment

Fraud, organized crime costing Africa billions per year: study – Al Arabiya News.4

Africa loses at least $50 billion a year to illicit practices like tax fraud, corruption and organized crime, a worrying situation that is hurting the continent’s economies, a UN-mandated study group warned Sunday.

Illicit financial flows — which range from international corporations dodging taxes to the trafficking of weapons and minerals — are a barrier to creating jobs on the world’s poorest continent, according to the group headed by ex-South African president Thabo Mbeki.

“Large commercial corporations are by far the biggest culprits of illicit outflows, followed by organized crime,” said Mbeki in the report commissioned by the United Nations and African Union to study illicit cash flows.

“We are also convinced that corrupt practices in Africa are facilitating these outflows.”…

Poor nations ‘lose $1 tn in dirty money’ – Americas – Al Jazeera English

Leave a comment

Poor nations ‘lose $1 tn in dirty money’ – Americas – Al Jazeera English.

Developing countries are losing nearly a trillion dollars to crime and corruption, with the disappearance of dirty money hitting some of the world’s poorest regions hardest, a new report has found.

A record $991bn in unrecorded funds left 151 developing and emerging economies in 2012, up nearly five percent from a year earlier, a US-based watchdog that exposes financial corruption said on Monday.

Global Financial Integrity (GFI) found that, between 2003 and 2012, the estimated amount of illicit funds shifted from developing countries totalled $6.6tn and rose at an inflation-adjusted 9.4 percent a year – roughly double global GDP growth…

Who Aids Whom? Exposing the True Story of Africa’s $192 Billion Losses | Think Africa Press

Leave a comment

Who Aids Whom? Exposing the True Story of Africa’s $192 Billion Losses | Think Africa Press.

“It says something about this country. It says something about our standing in the world and our sense of duty in helping others… in short – it says something about the kind of people we are… And that makes me proud to be British.”

As exhibited by UK Prime Minister David Cameron, who made the above comment on 8 June 2013, governments of wealthy countries like to tell tales of generous aid spending and a common responsibility to help those less fortunate in the world. But there is another story to tell. And it is not a story of what is given to continents such as Africa, but of what is taken away.

Research published today reveals that whilst the continent receives $30 billion in aid a year, this figure pales in comparison to the $192 billion leaving the continent via illicit financial flows, the repatriation of multinational company profits, debt repayments, loss of skilled workers, illegal logging and fishing, and the costs imposed as a result of climate change…

The fight against dirty money goes global | North Africa

Leave a comment

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…

Read the original article on Theafricareport.com : The fight against dirty money goes global | North Africa
Follow us: @theafricareport on Twitter | theafricareport on Facebook

Corruption: The Unrecognized Threat to International Security – Carnegie Endowment for International Peace

Leave a comment

Corruption: The Unrecognized Threat to International Security – Carnegie Endowment for International Peace.

Systemic corruption has an unrecognized bearing on international security. Policymakers and private companies often pay insufficient attention to corruption when deciding what foreign and defense policies to pursue or where to invest. Greater understanding of the nature of acute corruption and its impact on global security would contribute to a better assessment of costs and benefits and therefore to improved policy and practice.

Security Implications of Severe Corruption

  • Acute corruption should be understood not as a failure or distortion of government but as a functioning system in which ruling networks use selected levers of power to capture specific revenue streams. This effort often overshadows activities connected with running a state.
  • Such systematic corruption evokes indignation in populations, making it a factor in social unrest and insurgency…

How Illicit Financial Flows Drain African Economies | Open Society Foundations (OSF)

Leave a comment

How Illicit Financial Flows Drain African Economies | Open Society Foundations (OSF).

“African economies have lost between $597 billion and $1.4 trillion in illicit financial flows in the past three decades. That’s nearly equal to the entire continent’s current gross domestic product. This plunder results in missed development opportunities, increased poverty, and continued injustice.

While many African nations are experiencing unprecedented economic growth, illicit financial flows (IFFs) prevent this growth from translating into better overall living conditions for Africans…”

Why corruption remains a way of life in the public service in Africa – Opinion – nation.co.ke

2 Comments

Why corruption remains a way of life in the public service in Africa – Opinion – nation.co.ke.

When colonialism ended, Africans made no attempt to establish a link between the people and the government.

Government remained a hostile entity that has no real attachment to the mwananchi.

Growing up in the village, the other boys and I would run away when we spotted policemen at a distance for absolutely no reason.

That’s because to society, the government, i.e. the public service, is a threat to be feared, not a legitimate entity concerned with the public interest.

This is the mind-set of public servants and elected officials who see ‘public money’ as nobody’s money that is therefore fair game.

It belongs to the ‘government’ not to the people. In Sweden or Japan, on the other hand, every single coin in the hands of a public official is seen as belonging to the society at large and something to be treasured and put to the right use.

To eliminate corruption in Africa, we must rethink the African state. We must ask ourselves how to re-establish its legitimacy and get everyone to understand the link between taxation and delivery of public goods and why stealing public funds is the same as robbing a grandmother in Kangemi who pays a huge amount of tax on her jerrycan of paraffin…”

Older Entries

The Cerebral Hedonist

"Can You Match My Resolve"

Delusional Bubble

Life is a bubble, Make it as delusional as possible!

Anil Blon

Director at Natraj Trekking

The Truth for Kyle Brennan

Scientology & the Death of Kyle Brennan

MAJAALIFEE

I love to write about everything. Writing relaxes me.

TORINO NELLA RETE

Luigi Bacco - fotografie inaspettate

My Life Treats

Its about everything

Mikki Senkarik

Original Oil Paintings in Progress

Journeys with Eileen Diane

Photos, travel, armchair travel, cat tales, random thoughts

What's on Sid's mind

Recollect. Reimagine. Express.

ThoughtsnLifeBlog

Our thoughts influence our life.

Something to Ponder About

Lifestyle, Photography and Traditional Art

365 dni w obiektywie LG/Samsunga

365 days a lens LG/Samsung

The Creative Flux

Architectural, interior and garden design, cool materials and resources, and other things that matter to me

Perception

Until I know this sure uncertainty, I'll entertain the offered fallacy.

Flutter & Hum

Reflections, observations and adventures of a garden geek

BRAINCHILD

gehadsjourney.wordpress.com

the Diary of an Open-eyed

thoughts and observations about life and all stuffs life is made of ...

%d bloggers like this: