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Reduce trade fraud, reduce development aid

WASHINGTON, DC: According to a 2013 report from watchdog Global Financial Integrity (GFI) and the African Development Bank, African countries lost between US$597 billion and US$1.4 trillion in net resource transfers out of the continent between 1980 and 2009.

Now a new GFI study of trade invoicing fraud, Hiding in Plain Sight, suggests these outflows, and the shadow financial system in which they thrive, represent one of the most damaging conditions undermining economic growth and development, governance, and human rights in Africa and around the world.

The GFI study explores the resultant capital flight and economic impact on Ghana, Kenya, Mozambique, Tanzania, and Uganda.

See the fifth issue of Freightweek's monthly magazine for the complete story. Meanwhile GFI has produced this guide to money laundering:

 

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