Africa lost billions in illicit financial flows including through tax evasion and theft: UN report
Africa has lost nearly $89bn a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a United Nations study has showed.
The estimate, in the United Nations Conference on Trade and Development’s (UNCTAD) 248-page report, is its most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates.
The report released on Monday calls Africa a “net creditor to the world”,…