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Article

11 Aug 2014

Author:
Stella Dawson, in Thomson Reuters Foundation

African countries appeal to rich nations to help stem illicit flows by multinationals

"Africans call on rich nations to crack down on money laundering in new drive against illicit flows"

The world’s richest nations must toughen their laws against money laundering, tax havens and tax evasion if a global drive against corruption and illicit finance is to deliver results, senior African diplomats said on Thursday. “There are two sides to this coin. If there were no facilitators on their side, the miscreants on our side would not have succour,” said Liberia’s Foreign Minister Augustine Kpehe Ngafuan... “The G7 needs to walk the talk on this and deal with tax havens and opportunities created on their side of the divide that make it possible for those on the other side to loot the continent,” he said...Sierra Leone’s Foreign Minister Samura Kamara said...that sometimes multinationals will form subsidiaries in joint partnership with governments and then load the subsidiary with debt, reducing any dividends the government had expected to receive. “The tax structures used by multinationals must be addressed,” he said, calling for greater transparency, particularly in the extractive industries.