A new report says Africa has lost over $1.8 trillion in illegal capital flights over the last forty years. The US-based research firm Global Financial Integrity, or GFI, says commercial tax evasion, drug trafficking, racketeering and counterfeiting account for the bulk of the outflows, with most of the money flowing to Western financial institutions. Using what it calls conservative estimates, GFI says the outflows have cost the average African nearly $1,000 since 1970.
Report: Africa Lost $1.8T to Illegal Outflows
HeadlineApr 02, 2010