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Following the Money: Nuts and bolts of tracking illicit finance

MUSIKILU MOJEED

EDITOR-IN-CHIEF, PREMIUM TIMES, NIGERIA

@Musikilu

mojeed@premiumtimesng.com

+2348023350896

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Impact of Illicit Fund Flows on Africa

  • United Nations Conference on Trade and Development says Africa loses about US$88.6 billion in illicit capital flight every year or 3.7 percent of Africa’s GDP
  • African Union (AU) High Level Panel on Illicit Financial Flow says Africa loses more than $50 billion a year in IFFs

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GIJC Gothenberg 2023

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How they steal money

  • Tax evasion
  • Money laundering, including real estate and car dealerships schemes
  • Hiring lobbyists/legal consultants
  • Shell companies
  • Outright theft
  • Bribery

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How they steal money

  • Foreign exchange/racketeering
  • Payment of management fees to offshore companies
  • Hidden ownership in foreign firms/fee inflation
  • Privatisation or dubious sale of state-owned firms below value

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How to follow the money

  • Understand local/international law
  • Build contacts with law enforcement, anti corruption and tax agencies
  • Use resources from NGOs like Tax Justice, Transparency International, Global Witness
  • Understand tax havens and shell companies

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How to follow the money

  • Learn tools like Open Corporates, Document Clouds, Investigative Dashboards and FARA.gov
  • Look at audit reports
  • Anti-corruption organization notices
  • Investigate payments for acquisitions
  • Ask for help

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