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Could abolishing tax havens solve Africa’s financing needs?

Summary & Comment: Illegal export of funds from resource exploitation cost Africa huge sums, but not as much as transfers by TransNational corporations via tax havens and other dodges. Now the UK government proposes legislation to make these transfers legal, and this could cost developing countries £4bn a year in lost tax revenue, according to ActionAid estimates. JK

Author: Charles Abugre Date Written: 19 March 2012
Primary Category: Africa General Document Origin: Guardian UK
Secondary Category: Economic Justice Source URL: http://www.guardian.co.uk
Key Words: illegal outflows., tax havens, corporations, governors.

African Charter Article #21: All peoples shall freely dispose of their wealth and natural resources for their exclusive interest, eliminating all forms of foreign economic exploitation. (Click for full text...)

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Could abolishing tax havens solve Africa's financing needs?

Increased financial transparency is critical to stem the illicit capital outflows that are crippling Africa

The past month, the spotlight has been on James Ibori, the governor of Nigeria's Delta state from 1999 to 2007, who pleaded guilty in a London court to 10 counts relating to conspiracy to launder funds from the state he governed.

Ibori was accused of siphoning off an estimated $250m and laundering it in London through a number of offshore companies and financial intermediaries to fund his extravagant lifestyle of lavish mansions, expensive cars and private jets. This mode of illicit capital flight is by no means restricted to one rogue Nigerian governor or even African leaders at large, nor is it the most important means by which capital leaves the continent (and developing countries generally) illicitly.

To read the entire article, go to http://www.guardian.co.uk/global-development/poverty-matters/2012/mar/19/abolish-tax-heavens-africa-financial-transparency

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