>>2Malawi is one of the world’s poorest countries, with half of its 16 million people living in poverty.
A spokesman tells Newsweek: “Tax revenue that should be helping to fund public services in Malawi and other poor countries is disappearing at an alarming rate.
“As much as 30 per cent of all African financial wealth is estimated to be held offshore in tax havens, costing an estimated $14billion in lost tax revenues every year.
“This is enough money to pay for healthcare for mothers and children that could save four million children's lives a year and employ enough teachers to get every African child into school.”
Raymond Baker, the Director of non-profit organization Global Financial Integrity, based in Washington, has called this exchange of money across borders the “ugliest chapter in global economic affairs since slavery.”
“Nigeria has probably experienced the greatest illegal outflow as a percentage of gross domestic product. Here we have an oil-rich country of 140 million people with 70 percent of its population— that’s 100 million people—living on $1 to $2 a day,” Baker said during a conference in Washington last year.
“Congo has had the longest rip-off of any country, going on for two centuries now. The best available estimate of incremental deaths in Congo, above normal mortality rates, since 2000 is 4.5 million. Illicit money flowing out of poor countries kills people.”
In short, for every major company that is not paying its fair share of tax, there are scores of teachers and nurses that cannot be employed, roads that cannot be repaired, schools that cannot be built, and hospitals without lifesaving equipment. And that is in the already wealthy countries.