November 22, 2017

‘Africa loses $50b to illegal cash outflow’ – Thabo Mbeki

‘Africa loses $50b to illegal cash outflow’  – Thabo Mbeki
Source: httpthenationonlineng.netnewafrica-loses-50b-illegal-cash-outflow
Source: httpthenationonlineng.netnewafrica-loses-50b-illegal-cash-outflow

Former South African President, Mr Thabo Mbeki, has said the continent lost about $50 billion  through illegal financial outflow of funds.

Mbeki spoke at a High Level meeting on “Tackling Illicit Financial Flows and Inequality in Africa”, on the sideline of the World Economic Forum (WEF) in Africa in Abuja.

According to him, the main channel through which money is being syphoned out of Africa, is through the commercial firms in the continent.

“Annually, the continent is thought to lose about $50 billion.

Read more: http://thenationonlineng.net/new/africa-loses-50b-illegal-cash-outflow/

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