OPINIONSNew company ownership regulation a step in right direction 06 May 2022, 9:06 By Mashudu Masutha and Karabo RajuiliFirst published on News24 The Financial Action Task Force (FATF) is the global standard-setting body for combating money laundering, setting minimum standards via 40 recommendations. It has sanctioning mechanisms for countries that fail to comply. Recently, the organisation updated its Recommendation 24, which deals with beneficial ownership transparency – and Read more >
CORRUPTION NEWS Accelerating beneficial ownership transparency in Africa 10 Aug 2021, 10:16 By Maureen Kariuki, Karabo Rajuiliand, and Edwin Wuadom WardenFirst published on Open Government Partnership Corporate anonymity poses significant risks to domestic resource mobilisation in Africa. Research by the UN Conference on Trade and Development (UNCTAD) suggests that African countries can retain an estimated US$89-billion per year if illicit capital flight can be addressed. Accelerating beneficial Read more >
CORRUPTION NEWS IFF tracker identifies SA’s main vulnerability as outward foreign investment 15 Jun 2021, 8:35 Image: Michael Kuhlmann for UNCTAD Over one trillion dollars. That’s the amount of money that Africa is estimated to have lost in illicit financial flows (IFFs) over the past 50 years (Kar and Cartwright-Smith, 2010; Africa Growth Initiative, 2020). The current estimate is an annual amount of around $50-billion, and possibly more – a significant Read more >
CORRUPTION NEWS Dismantle the secrecy surrounding legal vehicles and their assets 19 Oct 2020, 10:14 Beneficial ownership is back in the news at the moment. Opacity in knowledge of the real person behind a company, trust, or corporation, and who will ultimately benefit from its activities – the beneficial owner – is crucial to combating money laundering, tax abuse, and corruption. Illicit financial flows (IFFs) cost money, resources, and Read more >
CORRUPTION NEWS AU: 2018 is the African anti-corruption year 24 Aug 2017, 9:18 By Liesl Louw-Vaudran First published on the Institute for Security Studies (ISS) The African Union (AU) has marked 2018 as the African anti-corruption year, with the theme of Winning the Fight Against Corruption: A Sustainable Path to Africa’s Transformation. Anti-corruption activists and organisations across the continent will be happy to hear this. It comes at Read more >
CORRUPTION NEWS The effect of illicit financial flows on Africa 15 Jul 2016, 14:01 The problem with illicit financial flows is not just that they are illicit, but that their effect spreads far beyond their immediate area of occurrence. Millions of people are affected, economies are weakened, and development is halted, while a shady few accumulate wealth and influence. A high level conference, held on 14 July at Pretoria Read more >
CORRUPTION NEWS Money laundering and related crimes – info centre 18 May 2016, 14:22 Money laundering and illicit financial flows are two related, but distinct types of corruption that pose a huge threat to development and political and economic stability around the world. Developing countries are especially hard hit. The two are closely linked to the concept of beneficial ownership, which is a term referring to the true owner Read more >
CORRUPTION NEWS $1-trillion-plus estimated to have left Africa illegally 14 Mar 2016, 12:35 by Khayalethu Hamana Over the past 50 years, Africa is estimated to have lost more than $1-trillion in illicit financial flows, but this may well fall short of reality, because accurate data does not exist for many countries. The estimates often exclude illicit flows, such as the proceeds of bribery and the trafficking of drugs, Read more >
CORRUPTION NEWS How corruption drives illicit financial flows 10 Jul 2015, 14:19 By Khalil Goga At the recent Pan-African Parliament session in South Africa, former South African president Thabo Mbeki presented the African Union high-level report on illicit financial flows (IFFs). The parliament accepted the report and its recommendations, showing an increased urgency in limiting IFFs on the continent. The Mbeki report refers to IFFs as funds Read more >