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CSOs: How multinational tobacco companies aid illicit financial flows in Africa | TheCable

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A report by the Tax Justice Network Africa (TJNA) and Civil Society Legislative Advocacy Centre (CISLAC) says multinational tobacco companies contribute significantly to illicit financial flows (IFFs) in Africa.

The report titled ‘Tobacco Industry and Illicit Financial Flows in Africa’ was launched on Wednesday in Abuja.

“Recent data from the United Nation’s Conference on Trade and Development’s ‘Economic Development in Africa’ report 2020 indicates that IFFs have nearly doubled and Africa is now losing over US$88.6 billion. “Tobacco money is made in Africa, money goes elsewhere to shareholders outside the continent. That is more reason higher taxes would benefit the host countries,” he said.

Also speaking at the event, Alvin Mosioma, executive director, TJNA, said the report looked at the role of multinational companies, particularly those that are focused on tobacco cigarette production, in the continent.

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