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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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