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OPINIONS

New company ownership regulation a step in right direction

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

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

Dismantle the secrecy surrounding legal vehicles and their assets

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

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

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

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

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

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 >