African response to Panama Papers
You'll have probably heard about the 'Panama Papers', a huge number of computer files from the Panamanian law firm, Mossack Fonseca, which reveal how its clients were able to launder money, dodge sanctions and avoid paying tax.
Last year, an AU-sponsored report suggested that corruption and tax havens could be costing Africa up to fifty billion dollars a year. And speaking at a news conference in Addis Ababa today, the Chair of the African Union Commission, Nkosazana Dlamini Zuma, said tax evasion had greatly affected African countries' ability to provide crucial services to their people. She said these latest revelations might start a dialogue on the billions of dollars lost from Africa through illicit financial flows.