Black Money and Tax Havens by R Vaidyanathan

Author:R Vaidyanathan [Vaidyanathan, R]
Language: eng
Format: epub
Tags: Mobilism
Publisher: Westland
Published: 2017-10-03T00:00:00+00:00

Trade mispricing: Losses associated with misrepresentation of export and import values

Other illicit flows: Funds that are illegally earned, transferred or utilized and includes all unrecorded private financial outflows

(All figures are average annual 2008-2010 for Sub-Saharan Africa)

Source: OECD (n.d.), OECD Stats Extracts.

Global Financial Integrity (2012), Illicit Financial Flows from Developing Countries 2001-2010.

World (2013), Global Economics Prospects - January 2013.

Africa Progress Report 2013.

Source: https://solomonappiah.com/2013/06/13/the-transparency-movement-gaining-precious-ground/

The traditional thinking has always been that the West is pouring money into Africa through foreign aid and other private-sector flows, without receiving much in return,’ said Raymond Baker, President of Global Financial Integrity, in a statement released at the launch of the report earlier this year. Mr Baker said the report turns that logic upside down, adding that Africa has been a net creditor to the rest of the world for decades.89

In other words, Africa loses more in terms of illicit financial outflows than what is received as aid and FDI for its development.

This is the saga of many developing countries that eagerly wait for FDI and development aid without realising that the money gets drained by trade mis-invoicing and other illicit outflows.

In other words, they are net losers even though projected as villains!

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