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On the Trail of Capital Flight from Africa: The Takers and the Enablers

Capital Flight from Africa

On the Trail of Capital Flight from Africa investigates the dynamics of capital flight from Angola, Côte d'Ivoire, and South Africa, countries that have witnessed large-scale illicit financial outflows in recent decades. The volume is co-edited and co-authored by PERI researchers James Boyce and Léonce Ndikumana, with chapter contributions by five additional authors. The evidence reveals a complex network of actors and enablers involved in the accumulation of private wealth in offshore secrecy jurisdictions. This underscores the reality that capital flight is a global phenomenon. Measures to curtail it are a shared responsibility for Africa and the global community.

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capfltbookOn the Trail of Capital Flight from Africa, editied by PERI's Léonce Ndikumana and James Boyce, investigates the dynamics of capital flight from Angola, Côte d'Ivoire, and South Africa, countries that have witnessed large-scale illicit financial outflows in recent decades. Quantitative, qualitative, and institutional analysis for each country is used to examine the modus operandi of capital flight; that is, the 'who', 'how', and 'where' dimensions of the phenomenon. 'Who' refers to major domestic and foreign players; 'how' refers to mechanisms of capital acquisition, transfer, and concealment; and 'where' refers to the destinations of capital flight and the transactions involved. The evidence reveals a complex network of actors and enablers involved in orchestrating and facilitating capital flight and the accumulation of private wealth in offshore secrecy jurisdictions. This underscores the reality that capital flight is a global phenomenon, and that measures to curtail it are a shared responsibility for Africa and the global community. Addressing the problem of capital flight and related issues such as trade misinvoicing, money laundering, tax evasion, and theft of public assets by political and economic elites will require national and global efforts with a high level of coordination.

 

Table of Contents:

1:Introduction: Why Care about Capital Flight?, Léonce Ndikumana and James K. Boyce
2:Capital Flight from Angola, Côte d'Ivoire, and South Africa: An Overview, Léonce Ndikumana and James K. Boyce
3:Angola: Oil and Capital Flight, Nicholas Shaxson
4:Côte d'Ivoire: Bitter Chocolate, Jean Merckaert
5:South Africa: Capital Flight, State Capture, and Inequality, Adam Aboobaker, Karmen Naidoo, and Léonce Ndikumana
6:International Trade and Capital Flight: Challenges for Governance, Melvin Ayogu
7:Conclusions: Capital Flight in the World Economy, James K. Boyce and Léonce Ndikumana

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