Sat, 27 May 2017 11:07:54 +0000 By BUUMBA CHIMBULU ZAMBIA should introduce laws which require multinational companies to publicly disclose their revenues as a way of fighting illicit financial flows, economist Lubinda Habazoka has suggested. Dr Habazoka observed that most African countries, including Zambia, did not have stiff laws which would assist nations fight illicit financial flows. “You will find that mostly in Africa, including Zambia, that our laws are inadequate to ensure that we capture all revenues that are made by these companies, especially those operating in the mining industry,” he said. He said in an interview that Africa was losing an estimated US$50 billion annually as a result of illicit financial flows through undeclared profits. Dr Habazoka observed that most African countries did not have the manpower and expertise to police the highly sophisticated schemes some multinational companies used in tax avoidance. “One of the notable methods used by multinationals is that Africa, […]
African states urged to clamp down on illicit cash flows
