East African countries could be the biggest beneficiaries of a new African Union-led push to stop illicit cash flows on the continent. The AU plans to clamp down on cheating corporations and government officials who siphoned at least $60 billion from Africa last year...In its preliminary report released last week, an AU-backed taskforce led by former South African President Thabo Mbeki notes that African economies are losing $50-$60 billion annually, and the Eastern Africa region is emerging a haven for cheats, especially with the ongoing oil, gas and minerals bonanza...At least 70 per cent of the illicit movements involve multinationals and commercial transactions like corporate tax evasion and avoidance, said the AU panel...Economists...said illicit flows, combined with wide-ranging tax exemptions granted by governments in East Africa were denying the region the much needed funds for growth, raising questions on the effectiveness of the growing search for foreign direct investments.