Transforming Doing Business In Africa
Every year, an estimated $70 billion, and increasing leaves Africa through Illicit Financial Flows (IFFs). According to Raymond W. Baker, Director, Global Financial Integrity, the massive flow of illicit money out of Africa is facilitated by a global shadow financial system comprising tax havens, secrecy jurisdiction, disguised corporations, anonymous trust accounts, fake foundations, trade mispricing, money laundering techniques etc.
Mr Baker describes this as “The Ugliest Chapter in International affairs Since Slaveryâ€