World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


Illicit Financial Outflows from Africa Cripple Development

Illicit Financial Outflows from Africa Crippling Continent’s Development – UN

New York, Feb 6 2014 - United Nations Deputy Secretary-General Jan Eliasson and former South African President Thabo Mbeki today stressed the need for global efforts to address the problem of illicit financial flows from Africa, which have crippled the continent’s development over the last few decades.

It is estimated that Africa loses over $50 billion a year in illicit financial flows, far exceeding the amount of official development assistance the continent receives.

Addressing the opening session of the High-level Panel on Illicit Financial Flows from Africa, held at UN Headquarters, Mr. Eliasson said the $50 billion in losses is a “staggering” figure that represents damage to individuals and Africa’s development and governance agenda as a whole.

“If we can stop Africa from losing resources in illicit outflows, then these funds can be directed to meeting the needs of the continent’s people and allowing them to build a better future,” he stated.

The High-level Panel, established by the UN Economic Commission for Africa (ECA) and the African Union (AU), was inaugurated in February 2012 to address the debilitating problem of the illicit financial flows from continent. It is chaired by Mr. Mbeki and composed of nine other distinguished personalities from within and outside Africa.

Mr. Mbeki told a news conference after the session that the money lost each year is capital which is “generated within the continent, belongs within the continent, but then leaves by these illicit means.”

About two thirds of the illicit outflows originate from the activities of multinational corporations, while about 30 per cent or so arise from “straightforward criminal activity,” including narcotics and human trafficking, as well as corrupt practices.

As for where the money is going once it leaves the continent, Mr. Mbeki said the receiving countries are the developed countries as well as the tax havens.

“We’ve got to try and understand this matter of this illicit capital outflows out of the continent, both from the point of view of we, the exporting continent, and then the receiving countries so that our recommendations will have to address both ends of this.”

The Panel is currently in the United States to meet with representatives of the US Government, private sector, academia civil society, and multilateral institutions to discuss the issue of illicit financial flows.

It is expected to submit its final report by June this year. The report will include observations about the problem, as well as detailed proposals on how both the continent and the rest of the world can respond.

For more details go to UN News Centre at http://www.un.org/news

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

Gordon Campbell: On The Censorship Havoc In South Africa’s State Broadcaster

Demands have included an order to staff that there should be no further negative news about the country’s President Jacob Zuma, and SABC camera operators responsible for choosing camera angles that have allegedly made the President ‘look shorter’ were to be retrained... More>>

ALSO:

Gordon Campbell: On A Bad Week For Malcolm Turnbull, And The Queen

Malcolm Turnbull’s immediate goal – mere survival – is still within his grasp... In every other respect though, this election has been a total disaster for the Liberals. More>>

ALSO:


Gordon Campbell: On Bidding Bye Bye To Boris

Boris Johnson’s exit from the contest for Conservative Party leadership supports the conspiracy theory that he never really expected the “Leave” option to win the referendum – and he has no intention now of picking up the poisoned chalice that managing the outcome will entail... More>>

ALSO:

Mexico: Violence And Repression Of Teachers

The member organizations of Network for Peace express our indignation over the acts of repression that the Mexican State has carried out, through the police forces... In Chiapas, Guerrero and Oaxaca, the conflict has resulted in murders of teachers and civilians as well as hundreds of wounded and dozens of people arrested. More>>

ALSO:

Gordon Campbell: On Britain's Pleas For Mercy

So… Boris Johnson is promising that he won't be holding a snap general election, if he's chosen as the next UK Conservative Party leader. Reportedly, he is even making that promise a feature of his leadership campaign, since a vote for Boris would therefore mean (wink wink) that his colleagues wouldn't have to risk their jobs and face the wrath of the British public until 2020. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news