Africa: Fighting illicit flows from developing countries

Cross-border illicit financial flows from developing countries are estimated to range from US $850 billion to US $1 trillion each year. Two thirds of these illicit flows are related to tax evasion and avoidance by multinational companies operating in the South. As a result of tax dodging, poor countries lose massive financial resources which, according to the OECD, are larger than the amount received from Official Development Assistance (ODA).