Namibia: Illicit flows cost Namibia N$6-billion

Namibia is estimated to have lost US$750 million (over N$5.8 billion) between 2000 and 2009 in illicit dealings such as trade mis-pricing, tax evasions, corruption, bribery and kickbacks. The syndicate - reports research and advocacy group Global Financial Integrity (GFI) - involves foreign companies that are doing business in Namibia, most of which are headquartered in the West. GFI reports that these companies are bedfellows of corrupt local officials, with whom they struck ill-fated cordial relations meant to ease the flow of money from Namibia to foreign destinations.