£5bn illegally taken out of Zambia over past decade, says report

From Global development | The Guardian Mon Dec 17 2012, 19:02:00

Campaigners say most of the siphoned money ends up in tax havens and can be traced to mining multinationals

More than £5bn has been illegally siphoned out of Zambia over 10 years, with most of it ending it up in offshore banks and tax havens, according to a report by financial transparency campaigners.

Washington-based group Global Financial Integrity blamed "crime, corruption and tax evasion" for the loss of $8.8bn (£5.4bn) from the resource-rich country.

The lost money, most of which can be traced to multinational copper mining operations, is equivalent to half of Zambia's GDP.

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