Report shows Africa is eliminating tax evasion and money laundering

Report shows Africa is eliminating tax evasion and money laundering

- The 2020 Tax Transparency report shows Africa is gradually eliminating tax evasion and money laundering

- It is expected that this would help achieve transparency and provide information on the illicit flow of funds

- The report also showed that African countries improved commitments and capacities to achieve tax transparency

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The 2020 Tax Transparency report has concluded that Africa is gradually eliminating tax evasion and money laundering.

The report shows that Africa has taken important steps to strengthen commitments and capacities.

It also showed that this would help achieve transparency and provide information on the illicit flow of funds.

READ ALSO: Africa's rising debt causes tension between World Bank and lenders

Per a report by thebftonline.com, the 2020 version of the report covers 32 Global Forum member countries, and three non-members: Angola, Guinea Bissau and Malawi.

YEN.com.gh understands that the illegal flow of funds in Africa ranges between $50 billion and $80 billion every year.

It has also been determined that 44% of Africa’s financial wealth is thought to be held offshore, which corresponds to tax revenue losses of €17 billion.

According to the African Development Bank (AfDB), it is convinced collaborations with both regional and international partners are key to moving forward the agenda on tax transparency.

In other news, the World Bank has predicted a possible loss of $37 billion to Africa with regard to remittances.

This, the World Bank explained, is due to the economic impact of the coronavirus on the continent.

It added that global remittances are also likely to fall by 20% in the year 2020, as the coronavirus hampers economic activities.

READ ALSO: COVID-19: Ghanaians abroad now send in less cash - World Bank

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Source: Yen News

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