UN says Africa loses $100 billion annually to illicit financial flows

UN says Africa loses $100 billion annually to illicit financial flows

Africa loses about four percent of its revenues to illicit financial flows, it was revealed in Abuja on Tuesday September 11.

Deputy Executive Secretary, United Nations Economic Commission for Africa (ECA) Abdalla Hamdok, stated this in at the International Conference on Combating Illicit Financial Flows and Enhancing Asset Recovery for Sustainable Development.

Watch Also: Nigeria releases 2018 rainfall prediction in June

The event was organized by the Presidential Advisory Committee Against Corruption, PACAC.

It seeks among others to proffer ways to improve sanctions and enforcement mechanisms for perpetrators of illicit financial lows and other acts of corruption; to improve international cooperation in enhancing asset recovery and asset return.

The two-day event was the second in its series, bringing economic and other experts from across the world.

He said: “Over the period of 2000 to 2016, Africa lost about $73 billion annually to illicit financial flows from commercial activities alone. There is an addition of $27 billion net annual losses. This represents about $100 billion annually.

“This represents more than four percent of the continent’s GPD.”
He added: “I think the debate today is not about existence of illicit financial flows, it is not about its lattitude. It is increasing.
“In addition to this financial flows on the continent

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.