Home | News    Thursday 8 July 2021

Sudan annually loses about US$5.4b in illicit financial flows

separation
increase
decrease
separation
separation

Bills of dollars in wooden box (Pixlr photo)
July 7, 2021 (KHARTOUM) - Sudan loses about US$5.4 billion in illicit financial flows (IFFs) every year, according to a report prepared by a team of African and United Nations Economic Commission for Africa on Wednesday.

"Combating Illicit Financial Flows in Sudan" was discussed in a workshop held in Khartoum on Wednesday with the participation of Prime Minister Abdallah Hamdok and a number of senior officials.

During 30 years, the isolated regime of former President Omer al-Bashir, the illegal movement of money from or to Sudan, and other illegal activities, including tax avoidance, abusive profit-shifting, trade mis-invoicing, human and drug trafficking, corruption, were inherent in the system.

The transitional government with the support of the international community established a number of dispositions to curb the IFFs within a comprehensive plan to reform the economic system in the country.

The report, seen by the Sudan Tribune, says that Illicit financial flows cost Sudan $5.4 billion annually.

It further pointed out that the gap in Sudan’s global trade transactions during the years 2012-2018 amounted to $30.9 billion, equivalent to 50 per cent of Sudan’s total trade during these years.

The report stated that the loss of government revenues from taxes and duties amounted to 5.7 billion dollars.

"Sudan said it received $4.8 billion from oil exports while trading partners declared payment of $8.9 billion for their oil imports."

In his speech at the workshop, Hamdok stressed that his government is committed to "monitoring and screening illegal financial flows and recovering the looted and smuggled funds to achieve development and stability of the country.

He further called to combine internal and external efforts must be combined to create a healthy investment environment, and establish a national mechanism cooperating with civil society groups, to ensure transparency.

The report stressed that corruption and illegal financial flows exist in all sectors of the Sudanese economy and at all levels.

Accordingly, it recommends that combating illicit financial flows requires a comprehensive reform in the financial, tax, customs, justice, and security sectors.

The report pinpointed that the lack of transparency, especially in the gold and foreign trade sectors, led to the depletion of foreign exchange, the reduction of domestic resources, the destabilization of the overall economy, and the exacerbation of poverty and inequality.

The report stressed that corruption and illegal financial flows exist in all sectors of the Sudanese economy and at all levels.

Accordingly, it recommends that combating illicit financial flows requires a comprehensive reform in the financial, tax, customs, justice, and security sectors.

The report pinpointed that the lack of transparency, especially in the gold and foreign trade sectors, led to the depletion of foreign exchange, the reduction of domestic resources, the destabilization of the overall economy, and the exacerbation of poverty and inequality.

"This indicates massive under-reporting, and taxes evasion," further stressed the report.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.


The following ads are provided by Google. SudanTribune has no authority on it.



Sudan Tribune

Promote your Page too

Latest Comments & Analysis


What Makes an Uprising? 2021-09-03 17:29:45 By: Dr Lam Akol* In an undated article, Hon. Atem Garang de Kuek discussed what was required for an uprising in South Sudan to succeed as did three uprisings in the recent history of Sudan (...)

Is IGAD partly responsible for current confusion in South Sudan? 2021-08-21 09:41:17 By Bol Khan In April 2016, Radio Tamazuj posted and answered questions about the fainting Security arrangements or demilitarization of the capital, Juba as stipulated in 2015's signed ARCSS and (...)

South Sudan People Coalition for Civil Action (PCCA) is to create warlords 2021-08-19 11:06:28 By Steve Paterno In South Sudan, where just about everyone has access to guns (tons of them), and almost every ambitious politician is a potential warlord, any slight destabilization of the (...)


MORE






Latest Press Releases


Statemeny bu Hala al-Karib to UN Security Council on women conditions in Sudan 2021-09-15 11:59:16 Statement by Ms Hala Al-Karib to the UN Security Council 14 September 2021 Madam President, Excellencies, My name is Hala Al-Karib and I am the Regional Director of the Strategic Initiative (...)

Joint Communiqué on the visit of H.E. the Prime Minister of the Republic of Sudan to Juba 2021-08-23 11:23:26 19 – 21 August 2021 His Excellency Dr Abdallah Hamdok, Prime Minister of the Republic of the Sudan and Chairperson of IGAD, accompanied by Ministers of Defence, Foreign Affairs, Trade, (...)

S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)


MORE

Copyright © 2003-2021 SudanTribune - All rights reserved.