Network launched in Zimbabwe to counter illicit financial flows

   0   0 AllAfrica, Blog, Capital Flight

Our partners at the African Forum and Network on Debt and Development (AFRODAD) have announced the launch of a new network – the Zimbabwe Network Against Illicit Financial Flows (ZINAIFF).  The network membership includes AFRODAD, the Centre for Natural Resource Governance, Transparency International Zimbabwe (TIZ), the Zimbabwe Environmental Organisation (ZELA), and the Zimbabwe Coalition on Debt and Development (ZIMCODD).

Zimbabwe has suffered hugely from illicit financial flows.  Léonce Ndikumana and James Boyce rank Zimbabwe  as  sixth highest on illicit financial flows from 1970 to 2003.   In the same paper, Ndikumana and Boyce estimate that the external assets – i.e. Zimbabwean wealth shifted offshore – are a whopping 5.1 times higher than the country’s external debt stock, revealing the huge extent to which Zimbabwe (like so many other Sub-Saharan African countries) is a net creditor the rest of the world.  In their subsequent book, Africa’s Odious Debts, they estimated the value of net external asset stocks in 2008 at US$26.1 billion.

According to AFRODAD’s Jonathan Zinyandu, ZINAIFF is the first civil society network working on these issues in Zimbabwe, and is already researching the mining sector, including concerns that some Chinese companies might be operating in the sector without obtaining operating licences.


Related Posts

New Report: HMRC’s “Building our Future” programme

bigben-mcbigbenfaceYesterday the Tax Justice Network was in the UK Parliament to launch a report it co-produced with the Public and Commercial Services Union. The report, entitled “HMRC, Building an Uncertain Future” is a study of HMRC’s (the UK tax authority) reform plans which it is calling “Building our Future”. The report published yesterday analysed the […]

READ MORE →

Financial secrecy in football: time for action

bigben-mcbigbenfaceEveryone has known for years that football is rotten to the core and financial secrecy is at the heart of the problem. Why then is no one doing anything about it? This post from the Offshore Game project originally features in the Independent. 

READ MORE →

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top