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 research on key role major economies play in global tax avoidance

offshore-network_colorcorrectedAn important new study on Offshore Financial Centres (OFCs) from the University of Amsterdam has made some fascinating discoveries, challenging, as the Financial Secrecy Index has, the popular misconception that tax havens are only palm fringed little islands and exposing that in fact major economies play a key role in global tax avoidance. Specifically they’ve […]

READ MORE →

Launch of international research collaboration, #AltAusterity

alt austerityToday is the launch of #AltAusterity, a new, international research collaboration of which Tax Justice Network is a partner.  The project aims to stimulate public debate on the subject of austerity though high quality research. It is a response to the lack of evidence which has underpinned the current policy agenda on austerity. The project […]

READ MORE →

RB tax avoidance – company calls for public country by country reporting after Oxfam report reveals profit shifting

pictureOxfam has today released a report on tax dodging by RB, the company formerly known as Reckitt Benckiser and the maker of thousands of well known household products. The report looks at the 2012 restructuring of the company which saw it set up ‘hubs’ in the Netherlands, Dubai and Singapore, all well known corporate tax […]

READ MORE →

Half measures mean Mauritius will continue to be a tax haven for the developing world

MauritiusThere was news this week that Mauritius has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). This is an initiative from the OECD to allow countries to take measures designed to stop tax avoidance by multinational companies and put them into their existing network of […]

READ MORE →

G20: Pressure rising on tax haven USA

HamburgWhilst the eyes of the world focused on the isolation of the US from the ‘G19’ position on climate change, something remarkable played out elsewhere in the process. Following closely the common EU position that we highlighted a few days ago, the G20 communique devotes important space to tax justice. It’s so good we quote […]

READ MORE →

About The Author

John Christensen

Trained as a forensic auditor and economist, he has worked in many countries around the world, including a period of working in offshore financial services with Touche Ross & Co. For 11 years he was economic adviser to the government of the British Channel Island of Jersey. In 2003 he became what the Guardian has described as “the unlikely figurehead of a worldwide campaign against tax avoidance.” His research on offshore finance has been widely published in books and academic journals, and John has taken part in many films, television documentaries and radio programmes.
View all posts by

Leave a Reply

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

Back to Top