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How far have we come on responsible finance standards?

Mathieu Vervynckt

22 Sep 2016 11:55:40

It’s been two years since Eurodad reported that for every $100 a developing country makes, $10 are lost, flowing out of the country. Although we’d been saying for many years that more money flows out of developing countries than goes in, I remember that the scale of it even came as a surprise to us.  But the reality is that developing countries continue to suffer from profits taken out by foreign investors, lending by developing countries to rich countries and particularly from illicit financial flows (IFFs). Last year’s “Mbeki report”, which had been commissioned by the African Union and the United Nations Economic Commission for Africa, estimated that Africa is losing more than $50 billion annually in IFFs. And, the report argued, “these estimates may well fall short of reality ...