Africa is losing more than 50 billion every year in illicit financial outflows as governments and multinational companies engage in fraudulent schemes aimed at avoiding tax payments to some of the world’s poorest countries, impeding development projects and denying poor people access to crucial services. According to a report released by the African Union’s high-level panel on illicit financial flows and the United Nations economic commission for Africa Illegal transfers from African countries have tripled since 2001, when20 billion dollars was siphoned off. The report was praised by civil society groups as the first African initiative to address illicit outflows from the continent. To help us discuss this matter, we are joined by:
Kathy Nicolaou: Management and Public sector consultant, Advisor, Part-time lecturer, Illicit financial flows expert for SA and Africa.
Dawie Roodt: Director and Chief Economist of Efficient Group
Keith Engel: Chief Executive Officer: The SA Institute of Tax Professionals
