Financial Transparency Coalition

COPENHAGEN, Denmark / WASHINGTON, DC – 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 report to be published Monday by Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization.  The study—funded by the Ministry of Foreign Affairs of Denmark—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...

The Africa Progress Panel, a group headed by former UN Secretary General Kofi Annan, launched the 2014 report "Grain, Fish, Money" today at an event in London. The report touches on everything from income inequality to illegal fishing activities that are quickly depleting Africa's oceans and gulfs. But no matter what topic was being discussed, a broader theme kept resurfacing: financial transparency.

Earlier this month, Nigeria leapt past South Africa to emerge as Africa’s largest economy. The financial world has watched the shift intently, with a keen interest on the amount of money coming into Nigeria. But keeping an eye on the huge sums of money flowing out is just as important.

Every year the OECD Development Assistance Committee publishes a report on resource flows to fragile states. This year’s report, Fragile States: 2013 Resource flows and trends in a shifting world, provides some fascinating insights into the future of global poverty, particularly among fragile states. Coupled with our understanding of illicit financial flows from developing countries,