Zim loses $12 billion in illicit financial flows

Published: 16 September 2013
Zimbabwe has lost a cumulative $12 billion in the last 3 decades through illegal financial outflows ranging from secret financial deals, tax avoidance and illegal commercial activities, a new report jointly produced by the African Development Bank and Washington-based US think tank Global Financial Integrity has shown.

The haemorrhage is part of an estimated $1.4 trillion that was lost by the African continent in the three decades from 1980 to 2009.

Significant losses in the region were, however, recorded in neighbouring countries such as South Africa, Botswana and Mozambique where outflows were measured at $184 billion, $31 billion and $25 billion respectively.

It is believed that between $30 billion and $40 billion is leaving Africa each year.
- sundaymail
Tags: Financial,


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