Africa in Fact Issue 26, September 2014: Dirty dealing
Africa lost up to $419 billion to illicit financial flows between 2002 and 2011, according to estimates made by Global Financial Integrity. This staggering amount of money could have gone a long way to develop the continent and reduce poverty. Instead it was hidden in secret bank accounts and tax havens. African rulers carry much of the blame. Not only do they allow this theft, but in many cases they are the instigators and the greatest beneficiaries.