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February 16, 2015 Companies Divert Huge Amounts of Cash Out of Africa Large corporations conduct vast scams to avoid paying taxes levied by African governments, according to a joint UN–African Union report cited by the Wall Street Journal. Because the governments lack the expertise and enforcement clout to halt such practices, companies frequently underreport the goods they import or sell in order to avoid taxes, and the resulting profits are typically diverted overseas, with the result that as much as $60 billion is illegally moved out of Africa annually, the report says. SOURCE: Africa Loses $60 Billion a Year Illegally, Report Says

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