Africa’s tax avoidance crackdown nets US$260m as continent loses billions to “illicit financial flows”

There is nothing to celebrate about the US$260 million Africa recently netted by cracking down on tax avoidance. The figure pales in comparison to the billions the continent losses to “illicit financial flows” every year thanks to corporate tax avoidance by multinational corporations, corruption by African officials, and African countries’ weak audit capacities.