Africa loses US$50 billion in illicit financial flows (IFF) out of Africa.Illicit financial flows out of Africa have become a matter of major concern because of the scale and negative impact of such flows on Africa’s development and governance agenda. By some estimates, illicit flows from Africa could be as much as US$50 billion per annum. This is approximately double the official development assistance (ODA) that Africa receives and, indeed, the estimate may well be short of reality as accurate data does not exist for all transactions and for all African countries.
Preliminary evidence shows that taking prompt action to curtail illicit financial outflows from Africa will provide a major source of funds for development programmes in the continent in the near future. Recommendations from the 2015 Africa Capacity Report aims to help African countries develop capacity to deter, track, stop and recover the outflow of moneys that illicitly leave the continent every year ... find out more
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