Africa has been selected to pilot a United Nations-funded project to reduce illicit financial flows (IFFs). The pilot by the United Nation Conference on Trade and Development (UNCTAD) and the United Nations Office on Drugs and Crime (UNODC) support the project, which is aimed at helping the region achieve the Sustainable Development Goals (SDGs) in the next decade, writes Anthony Kitimo for The East African. UNCTAD and UNODC said the framework was arrived at through
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A new report from The Sentry, shows that in an effort to evade the international sanctions designed to disrupt its nuclear weapons program, North Korea exploited vulnerabilities in certain parts of the banking sector of the Democratic Republic of Congo to gain access to the global financial system. The report details how Afriland First Bank had an opportunity to prevent the illegal activity but failed to do so. DRC government officials and politicians appear to have been aware of what was going on
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Zambia will now try to estimate how much revenue was lost under its tax treaty with Mauritius, which one official described as "not balanced or fair". It is the second African country in 2020 to unilaterally cancel its treaty with Mauritius. In January, Senegal tore up its deal with the island tax haven following government estimates that the West African country had lost U.S.$257 million since 2004 under what officials called an "unbalanced" agreement.
East African countries received U.S.$17.38 billion from their citizens living abroad between 2013 and 2018, as foreign remittances outpaced foreign direct investment to become the largest source of external financing in low and middle-income countries, according to the World Bank. Kenya topped the region as the biggest beneficiary of remittances, receiving U.S.$10.74 billion, followed by Uganda with U.S.$6.28 billion.
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Despite widespread political instability in the region, East Africa has only 10% of its citizens wanting to leave for other continents, according to a report by Afrobarometer.
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While more than a third of Africans have thought about emigrating, far fewer are actually putting concrete measures in place to do so, according to a new report by Pan-African research network Afrobarometer.
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According to a report released by news and research portal Disrupt Africa, African tech startups smashed funding records in 2018 with 210 startups securing U.S.$334.5 million worth of investment. "It has been an incredible year ... And it's a real pleasure to release this report and the impressive figures it contains," said Gabriella Mulligan, co-founder of Disrupt Africa.
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As if the scramble for Africa wasn't bad enough, Germany's personal representative of Angela Merkel for Africa, Günther Nooke, says Europe deserves a second chance to screw the continent over.
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The Ethiopian Prime Minister Abiy Ahmed has reportedly said that the government is investigating officials who have bank accounts abroad.
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Money illegally transferred across borders has more than doubled to U.S.$100 billion annually from U.S.$50 billion in 2015, but a lack of cooperation and information exchange between countries is limiting efforts to prevent illicit financial flows, experts say.
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