Geingob tears into rich nations

PRESIDENT Hage Geingob said there are attempts by developed nations to block the debate on issues relating to ill-gotten money sourced from developing countries. Geingob made these remarks at the World Leaders Summit on Monday in Nairobi, Kenya, where he also criticized the World Bank and the International Monetary Fund for their destructive programmes in African countries. “There are attempts by developed countries to block any mention of issues related to tax avoidance and illicit capital outflows from developing nations,” he stated. Illicit financial flows concern money illegally earned, transferred or used that crosses borders. The President has taken a keen interest in matters around illicit financial flows in recent months. It is estimated that up to 60 % of these illicit outflows originate from tax avoidance and evasion, Geingob said.