Photo by: Duane Daws
South Africa could be losing as much as R80-billion rand a year through illicit financial outflows, State Security Minister David Mahlobo said on Tuesday.
“In the past year we identified global illicit financial flows as a major security concern that knows no borders,” Mahlobo said while tabling his budget vote in Parliament.
“South Africa is estimated to be losing over R80-billion per annum through illicit financial outflows. Illicit flows from Africa could be as much as $80-billion per annum.”
Mahlobo said these estimates could fall well short of the actual money leaving the continent illegally, and was negatively affecting development on the continent.
“This phenomenon has robbed our continent of its potential of meeting our developmental goals whilst other countries whose laws have provided for safe havens for these actors,” he said.
“As a continent under the guidance of the AU and regional bodies more work is being done by our intelligence agencies including the relevant treasuries to mitigate the situation. ”