Global Financial Integrity (GFI) has published a new study, Sudan and Trade Integrity, examining trade-related illicit financial flows (IFFs) in Sudan’s crude oil and gold sectors.
The analysis by the Washington based non-profit that focuses on IFFs indicates potential revenue losses of US$5.7 billion in global trade.
Of the 374 bilateral trade relationships between Sudan and 70 of its trading partners examined between 2012-2018, GFI identified an estimated US$30.9 billion in value gaps, which is the difference between what Sudan and each of its partners reported as the values for any given bilateral trade transaction.
These estimated value gaps are equal to nearly 50 per cent of Sudan’s total trade during this period with the 70 trading partners. The estimated revenue loss related to the value gaps for this period could potentially be as much as $5.7 billion.
Oil and gold
The Sudanese government might have lost nearly $2 billion between 2012 and 2018 as a result of IFFs in oil trades according to GFI.
It says that losses in gold trades during the same period may have amounted to US$575.2 million.
GFI’s study, Sudan and Trade Integrity, can be found here.
Categories: Trade Based Financial crimes News