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UN warned Africa loses $ 50 billion to corruption practices.

Robert Mugabe, new President of African Union

Robert Mugabe, new President of African Union

Addis Ababa – Africa loses at least $50 billion (44 billion euros) a year to illicit practices like tax fraud, corruption and organised crime, a worrying situation that is hurting the continent’s economies, a UN-mandated study group warned Sunday.

Illicit financial flows — which range from international corporations dodging taxes to the trafficking of weapons and minerals — are a barrier to creating jobs on the world’s poorest continent, according to the group headed by ex-South African president Thabo Mbeki. READ ARTICLE HERE