Latest News:  


Over 50 bln USD illegally transferred from Africa annually: economist


19:52, April 16, 2013

ABIDJAN, April 16 (Xinhua) -- The illegal transfer of capital from Africa has surpassed the mark of yearly 50 billion U.S. dollars, according to economist and banker Abdoulaye Bio Tchane.

Tchane, a former president of the West African Development Bank (WADB), was speaking Monday in Abidjan at the opening of a regional seminar on corruption and illegal transfer of funds.

"The average capital flight from Africa has risen to 50 billion dollars over the last 30 years," Bio Tchane said, citing the Global Integrity report.

"The 50 billion dollars corresponds to double the total amount of development aid that the entire sub-Saharan Africa receives in a year," he added.

"The money is always taken to the banks and off shore institutions in the developed countries," Bio Tchane said.

The regional seminar brought together 20 participants from state auditors, the finance ministries, customs departments, revenue authorities, public treasuries and anti-corruption commissions.

For two days, the participants will discuss the means and methods that should be adopted to end this scourge which negatively affects the economies of UEMOA member states (West African Economic and Monetary Union).


Leave your comment0 comments

  1. Name


Selections for you

  1. Chinese navy's warships in drill

  2. Shore-based missile regiment in drill

  3. Venezuela protesters call for full vote recount

  4. People in summer wear in east China

  5. Beijing girl infected with H7N9 recovering

  6. Smartphone users victims of scams

  7. Amazing pictures of Zhou Xun in Sweden

  8. Yunnan's umbrella spectacle

  9. Gold suffers biggest one-day drop

  10. Bird flu fears hit poultry industry

Most Popular


  1. Quick Comment: 3 meanings of Boston blasts
  2. Great wisdom needed to push Sino-US ties
  3. China Q1 'sound' despite slower growth
  4. Key lessons to improve fiscal transparency
  5. Triple blasts rock Boston, triggering fears of terror
  6. Who makes the massive immigration fraud?
  7. Overcapacity troubles Chinese economy

What’s happening in China

Living the high life

  1. Student poisoned to death; roommate suspected
  2. Chicken farmer hit hard by bird flu scare
  3. Sunbathing, a nightmare of maritime pollution
  4. Online drug deals make it tough for the police
  5. Free lunch stirred by ‘suspended’ coffee rage