On 1 July, the Tax Justice Network published an article saying that, in 2015, in 30 African countries, capital flight averaged about two-third of GDP and exceeded their external debt. While illicit assets abroad are private, debt is a collective liability of current and future generations of Africans. It says that beneficial ownership registration was placed on the African agenda to address illicit financial flows in 2015, with the launch of report by the African Union and UN Economic Commission for Africa. It says that a new study examines the progress being made towards beneficial ownership transparency in 17 African countries. It finds that 7 jurisdictions have introduced legislation requiring the registration of beneficial ownership information – Botswana, Egypt, Ghana, Kenya, Mauritius, the Seychelles and Tunisia. However, it notes that In 6 of the 17, bearer shares have not been immobilised. The article also notes that African countries participating in the voluntary Extractive Industries Transparency Initiative are required to introduce public registries for beneficial owners of mining, oil and gas companies. The study makes practical recommendations on how countries can implement beneficial ownership registration and improve the effectiveness of disclosure.
The study is at –
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