Browsing: africa

Libya has an estimated one million migrants locked up in various dungeons across the country. Funded and equipped by European Union, Italy to keep them off crossing the precarious Atlantic ocean where estimated 5,000 refugees have died in recent years. The administrative will power of Libyan government is put to question amidst accusation of complicity in the heinous slave-trading. The quest to get free labor to make extra money from migrants has made the slave market lucrative, with cartels expanding in the bestial trade on daily bases.

These funds typically originate from three main sources. Firstly, commercial tax evasion, trade mis-invoicing and abusive transfer pricing, that involves mostly multinational enterprises. These account for 65% of Illicit Financial Flows. The second aspect involves criminal activities, including the drug trade, human trafficking, illegal arms dealing, and the smuggling of contraband etc., which account for 30 per cent of Illicit Financial Flows. The third component comprises corruption, bribery and theft by corrupt government officials, which account for 5 per cent of IFFs, according to the Report of the AU/ECA High Level Panel on Illicit Financial Flows of 2014.