Firms siphon Sh6tr annually from Africa

More than two third of the funds stolen from Africa are siphoned by companies, former South African President Thabo Mbeki has said.

Former South African President Thabo Mbeki, who is currently chairing the High Level Panel on Illicit Financial Flows from Africa, addresses the press at a city Hotel in Nairobi. The delegation discussed ways of curbing illicit financial outflows. (PHOTO: PIUS CHERUIYOT/STANDARD)

A probe done by the High Level Panel of Illicit Financial Flows from Africa, chaired by Mr Mbeki, now recommends that governments invest in capacity of their tax collection agencies to catch the cheats and repatriate the funds.