The Money Lost From The Illicit Capital Flight Essay

1321 Words 6 Pages
There is not much information as opposed to how much shillings the country loses each year from the illicit capital flight. However, the Wickstead & Hickson (2010) report from Global Financial Integrity shows that in the past 40 years, Sub-Saharan Africa (SSA) lost 624 billion dollars in illegal “capital flight.” In each single dollar released for SSA in foreign support between 2000 and 2008, $2.24 billion left SSA illegally (p. 27). Illicit similar to other developing nations, affects the country’s economy. Tanzania is among the five African countries in which failure in trade billing grows steadily. The habit perpetuates capital illicit outflows and inflows leading to the loss of “billions of dollars” in revenue (Baker, Clough, Kar, LeBlanc, & Simmons, 2014). The money lost from different sources in Tanzania could support people in various ways, for stance:
• Support suffering poor youths and women who labor in the mining fields to meet their living wishes; refer to the pictures on (Curtis, 2012, pp. 13, 18, 45).
• Support poor farmers who exploit hand devices for producing food to support their families and earn some income to educate their children (Curtis pp. 24, 27).
• Improve the water access tension for women and children who walk several kilometers away to line up for a single bucket of water (Curtis, 2012, p. xi; Hartwig, (2013), and other villagers who labor hard in a daily basis, but they earn very little not even enough even to put food in front of their…

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