Daily Monitor
Wednesday December 23 2020
Besides providing safe havens for illicit financial flows (IFFs), tax havens also share limited or no financial information with foreign tax authorities.
Summary
Utility. Illicit financial flows (IFFs) are movements of money and assets across borders which are illegal in source, transfer or use, according to the report entitled “Tackling illicit financial flows for sustainable development in Africa.
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Enforcement of tax compliance among the multinational companies in Africa is not getting any easier with the emergence of tech corporate organisations, complicating already wanting non-compliance culture being perpetuated by corporations operating in more than one country.