The Great Rip Off | Joelle Palmieri
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THE GREAT RIP OFF
South Africa loses billions in export misinvoicing
By Brian Ashley and Dick Forslund
“This suggests that export underinvoicing is not due to underreporting of the true value of gold exports, but rather to pure smuggling of gold out of the country. In other words, virtually all gold exported by South Africa leaves the country unreported.”
This is the sensational conclusion of a very recent study undertaken by UNCTAD on the issue of trade misinvoicing – a key method for illicitly exporting capital out of a country with severe consequences for financing much needed development, reducing poverty or in the case of South Africa, dealing with debilitating mass unemployment.