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African Countries Lose Billions through Misinvoiced Trade

Author: Clark Gascoigne, Global Financial Integrity, Published on: 12 May 2014

The fraudulent misinvoicing of trade is hampering economic growth and potentially resulting in billions of U.S. dollars in lost tax revenue in Ghana, Kenya, Mozambique, Tanzania, and Uganda, according to a new Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization. The study...finds that the over- and under-invoicing of trade transactions facilitated at least US$60.8 billion in illicit financial flows into or out of the five African countries between 2002 and 2011. “It is deeply disconcerting that illicit financial flows are taking such a serious toll on the economies of Ghana, Kenya, Mozambique, Tanzania, and Uganda,” noted Mogens Jensen, Danish Minister for Trade and Development Cooperation...["These funds] could otherwise have been used for investments in infrastructure, schools, hospitals, and other much needed public services. I hope that the study can help the governments in their efforts to curb illicit financial flows.” [refers to Tullow Oil & Africa Oil Corporation]

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Related companies: Tullow Oil