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Corporate Corruption, Illicit Financial Flows and Inequality in South Africa

#Corruption #TaxEvasion #Fraud Corporate corruption in South Africa manifests in various forms, including bribery, fraud, and corporate tax evasion known as illicit financial flows. It occurs across sectors, often involving public entities, but also making use of the international network of enablers; auditing firms, specialist consultants, and entire countries willing to act as “tax havens” for the rich. Examples of high-profile corruption cases, ranging from state capture to the allegations against Marikana owner Lonmin, have eroded public trust and highlighted the extent of the problem. Corporate corruption poses significant challenges to South Africa's development, integrity, and social fabric, with the country losing between 4 - 8% of its GDP each year. Illicit financial flows reduce the tax revenue of the state, depriving the country of the resources needed to fix the public sector. They also directly harm workers and communities - especially in the mining sector - where minerals and money smuggled abroad could otherwise be used for improving workers’ conditions or developing communities. In this video, a number of speakers explore the nature and consequences of corporate corruption and illicit financial flows in South Africa, highlight key challenges, and offer potential remedies to address this pervasive problem. Co-produced by the Alternative Information and Development Centre: https://aidc.org.za/ and the Workers' World Media Productions: https://wwmp.org.za/