Botswana Illicit financial flows top P200bn � report
Friday, April 15, 2016
IFFs are illegal movements of money or capital from one country to another. GFI classifies this movement as an illicit flow when the funds are illegally earned, transferred, and/or utilised.
According to the 2015 report, between the years 2004 to 2013, up to US$20 billion might have been moved through illicit circumstances in Botswana putting the country in the same boat with other developing countries with cumulative IFFs.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...