Africa loses $1.2 trillion in dirty money flows – Nigeria tops the list

Interesting that the author ended with a comment abou the Arab Spring. I think Africa is poised for a revolution. Revolution usually leads to bloodshed tho. Pray for Africa.

Africa Sustainable Conservation News


Source: Thomson Reuters Foundation – Wed, 29 May 2013 02:16 AM

Author: Stella Dawson

A man is reflected on a door of an exchange bureau in central Cairo, on March 25, 2013. REUTERS/Asmaa Waguih

WASHINGTON (Thomson Reuters Foundation) – Nigeria, South Africa and Egypt top the list of African countries that have hemorrhaged billions of dollars gained from corruption, kickbacks, tax evasion and other illicit activities since 1980, a new study shows.

Africa has lost at least $1.2 to 1.4 trillion in illicit financial flows – commonly called dirty money for its shady origins – between 1980 and 2009, according to the report from the African Development Bank (AfDB) and the advocacy group Global Financial Integrity. In the decade up through 2009, $30.4 billion a year was leaving Africa, it said.

These sums dwarf by a factor of three the amount of development aid that governments have pumped into the…

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