Jean-Jacques Cornish

Illegal financial outflow from Africa outstrips IMF estimate, says Thabo Mbeki

Former President Thabo Mbeki says a vast amount  money is taken out of Africa by companies and wealthy individuals, without paying tax.

The politician, who been tasked by the African Union to identify illicit financial outflows, says he’s convinced these exceed the $80 billion a year estimated by the International Monetary Fund.

ends intro

The International Monetary Fund says the amount of money leaving the African continent illegally every year has risen from $50 billion to $80 billion.

Former South African President Thabo Mbeki  says this is an underestimate because it’s based on trade  statistics. He puts the figure at $90 billion a year

The IMF figure may reflect, there’s more thorough work being done, or it may reflect as an increase. It is based on the trade statistics.

If, for example, transfer pricing was taken into account, the figure would go up.

Mbeki says the commercial sector is responsible for two thirds of  illicit capital outflows.

Mbeki recently returned from a world tour formulating the illegal  financial stream for the African Union.

He met with world governments, banks and parliaments.

Mbeki says the tour was aimed at ensuring practical steps are being taken to stop the phenomenon and recover the money.

Enquire about availability for radio, podcasts, reporting or opinion pieces.

Jean-Jacques Cornish is a journalist and broadcaster who has been involved in the media all his adult life.

Starting as a reporter on his hometown newspaper, he moved briefly to then Rhodesia before returning to South Africa to become a parliamentary correspondent with the South African Press Association. He was sent to London as Sapa’s London editor and also served as special correspondent to the United Nations. He joined the then Argus group in London as political correspondent.

Returning to South Africa after 12 years abroad, he was assistant editor on the Pretoria News for a decade before becoming editor of the Star and SA Times for five years.

Since 1999 he’s been an independent journalist writing and broadcasting – mainly about Africa – for Talk Radio 702 and 567 Cape
Talk, Radio France International, PressTV, Radio Live New Zealand, Business Day, Mail & Guardian, the BBC, Agence France Press,
Business in Africa, Leadership, India Today, the South African Institute for International Affairs and the Institute for Security Studies.

He has hosted current affairs talk shows on Talk Radio 702 and 567 Cape Talk. He appears as an African affairs pundit on SABC Africa and CNBC Africa.
He lectured in contemporary studies to journalism students at the Tshwane University of Technology and the University of Pretoria.

He speaks on African affairs to corporate and other audiences.
He has been officially invited as a journalist to more than 30 countries. He was the winner of the 2007 SADC award for radio journalism.

He’s been a member of the EISA team observing elections in Somaliland, Democratic Republic of Congo, Madagascar, Zimbabwe, Egypt and Tunsiai.

In October 2009 he headed a group of 39 African journalists to the 60th anniversary celebrations of the Peoples’ Republic of China.

In January 2010 he joined a rescue and paramedical team to earthquake struck Haiti.

He is immediate past president of the Alliance Francaise of Pretoria.

Jean-Jacques is a director of Giant Media. The company was given access to Nelson Mandela in his retirement years until 2009.
He is co-producer of the hour-long documentary Mandela at 90 that was broadcast on BBC in January 2009.