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April 2, 2010

Report: Africa Lost $1.8T to Illegal Outflows
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A new report says Africa has lost over $1.8 trillion dollars in illegal
capital flights over the last forty years. The U.S.-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 conservatives estimates, GFI says the
outflows have cost the average African nearly $1,000 dollars since 1970.



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