Africa $850bn illicit money transferred, most between 1970-2008
Post date: Apr 4, 2010 2:44:37 PM
Nigeria, Egypt, Algeria, Morocco and South Africa
are leading the ranking of the five African countries that have made the most illegal financial transfers between 1970 and 2008.
Corruption: mining , oil, war, weapons
More than 854 billion dollars have been fraudulently transferred
from the African continent in about 40 years.
IFP Global Financial Integrity
According to a study realized by the International Global Financial Integrity (IPF) and published this week, more than 854 billion dollars have been fraudulently transferred from Africa. A sum of that is the public double investment allocated to development aid.
$1bn lost per year
Developing countries annually lose the equivalent of one billion dollars due to this scourge. An amount that is twice as large as public investment allocated to development aid.
G20 summit June Canada
This capital flight is one of the major obstacles to African development. "A devastating phenomenon" which, in the opinion of the Director IPF, "will be the agenda of the G20 summit" scheduled for next June in Canada
source: africanews.com
