​Illicit Outflows: Calls for Banks to Play their Part

Mbeki calls on central banks, civil society and heads of state to play their part in curbing illicit outflows

Former president Thabo Mbeki is calling on central banks, civil society and heads of state to play their part in curbing illicit outflows, which are estimated at US$90 billion a year on the African continent.

Speaking to the media during a briefing at the Thabo Mbeki Foundation, Mbeki said the commercial sector is responsible for two thirds of capital illicit outflows - money leaving the continent illegally.

Mbeki said that money was leaving the continent through a number of ways including: base erosion/profit shifting, misinvoicing and tax havens.

To read the article titled, “US$90bn leaving Africa illegally – Mbeki calls for banks to play their part,” click here.

Source: 
City Press

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