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Africa Loses $60 Billion Per Year Illegally, Stunts Economic Development

PATRICK MCGROARTY | The Wall Street Journal   in  ·
February 2, 2015

JOHANNESBURG—Companies and government officials are illegally moving as much as $60 billion out of Africa each year, according to a report released Sunday, depriving the world’s poorest continent of capital and tax revenue that could spur faster economic growth.

A joint panel run by the United Nations and the African Union and led by former South African President Thabo Mbeki released a report describing the methods some companies use to send money out of the continent illicitly. The losses are staggering not only in terms of dollars but…

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