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Angola becomes latest African country to join fight against illicit financial flows

Angola becomes latest African country to join fight against illicit financial flows

BIRD STORY AGENCY ANGOLA is on a mission to be more tax transparent, which could accelerate its ease of doing business ratings and curb illicit financial flows. The country recently joined the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), an initiative which seeks to foster tax transparency. "We are delighted to welcome Angola as the latest Global Forum member," said Gaël Perraud, Chair of the Global Forum. "The steadily growing Global Forum membership underlines the importance given to tax transparency by the international community and demonstrates the resolve of governments to join forces in…
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Illegal money flows from Africa near $90 billion, U.N. study says

Illegal money flows from Africa near $90 billion, U.N. study says

EMMA FARGE AFRICA is losing nearly $89 billion a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a U.N. study has shown. 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 calls Africa a "net creditor to the world," echoing economists' observations that the aid-reliant continent is actually a net exporter of capital because of these trends. UNCTAD Secretary-General…
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