African Countries Tackle Tax Evasion and Money Laundering
By Abdi Ali
Published July 4, 2020
African countries are making great strides in strengthening commitments and capacity to achieve tax transparency and exchange information on illicit fund flows.
RELATED:Illicit Financial Flows and Inadequate Energy Hinder Africa’s Industrialisation
Tax Transparency in Africa 2020, the latest report by Global Forum for Transparency and Exchange of Information for Tax Purposes, African Union and African Tax Administration Forum (ATAF) in partnership with the African Development Bank, provides comparable tax transparency statistics to aid decision makers to address illicit fund flows.
RELATED:Police Brutality During Curfew Leaves Several Dead, Others with Life-Threatening Injuries
“This annual publication of the Tax Transparency in Africa is part of the various efforts of the continent to advance global tax transparency and exchange of information agenda in Africa in order to combat corruption, tax evasion, money laundering, fraud, base erosion, and profit shifting and illicit enrichment,” says Victor Harrison, African Union Commission Commissioner for Economic Affairs.
RELATED:Make Towns Healthy and Safe For All
Illicit financial flows in Africa are estimated at between US$50 billion and US$80 billion annually; 44% of Africa’s financial wealth is thought be held offshore, which corresponds to tax revenue losses of €17 billion.
