Illicit Financial Flows: Curbing resource leakages

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Recent statistics indicate that South Africa has lost more than USD $100.7 billion over the period of 2002-2011. The SARS Commissioner has on numerous occasions expressed great concern about the risk SA faces regarding illicit financial flows; and the detrimental effect this has towards domestic resource mobilization. South Africa needs all available resources at its disposal in order to address the massive developmental challenges the country faces. Resource leakages like illicit financial flows have a significant negative effect on the countries capacity to meet its developmental objectives. It is clear that more information is required on this phenomenon; and more importantly, the need to explore ways to curb all forms of illicit financial flows is urgent.

Click here for full report: ILLICIT_FINANCIAL_FLOWS_MEETING_REPORT.pdf

 

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Have compassion for all beings, rich and poor alike; each has their suffering. Some suffer too much, others too little. Buddha