Nigeria, others lose $1.6bn daily to illicit flows – AfDB
The African Development Bank has revealed that the continent loses about $1.6bn every day to illicit financial flows and profit shifting on the part of multinationals operating in Africa. This was disclosed by the Chief Economist of AfDB, Kevin Urama, in an exclusive interview According to the International Monetary Fund, illicit financial flows refer to the movement of money across borders that is illegal in its source (e.g. corruption, smuggling), […]
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