A panel convenes to discuss the complex implications of curbing illicit financial flows, as an innovative means of financing development in Africa during the 9th African Development Forum held in Marrakech, Morocco.
Africa's Lost Billions - Illicit Flows Examined at #ADF9
"Illicit financial flows are unrecorded capital flows derived from: (a) proceeds of theft, bribery and other forms of corruption by Government officials; (b) proceeds of criminal activities, including drug trading, racketeering, counterfeiting, contraband and terrorist financing; and (c) proceeds of tax evasion and laundered commercial transactions. Estimates from various recent studies including 'Financing Africa's post-2015 development agenda' reveal that, from 1970 to 2008, Africa lost $854 billion to $1.8 trillion in illicit financial flows... The loss of funds through illicit financial flows undermines revenue generation and reduces the benefits from economic activities, particularly in the extractive sector (ECA, 2013). It also undermines Africa's ability to mobilize resources generated by such sectors to fund developmental goals" - UNECA.
A panel convened at the 9th African Development Forum held in Marrakech, Morocco, to discuss the complex implications of curbing illicit financial flows, as an innovative means of financing development in Africa.
Dr. Abdalla Hamdok, Deputy Executive Secretary, Economic Commission for Africa on the Illicit Financial Flows panel at the 9th African Development Forum #ADF9
Documents
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16 October 2014
Illicit Financial Flows (ADF Issue Paper)
- Author:
- UNECA
- Publisher:
- UNECA
- Publication Date:
Financing developmental efforts in Africa has proved to be costly in the past, compelling the continent to rely on external sources known as overseas ... see more »
Chart depicts Illicit Financial Flows from Africa.
Documents
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16 October 2014
Chart depicts Illicit Financial Flows from Africa (Full Chart)
- Author:
- UNECA
- Publisher:
- UNECA
- Publication Date:
Cristina Duarte, the finance minister of Cabo Verde, in reference to illegal flow of money out of Africa, said that "it is time that African leaders stood up and took a stance on the issue. Institutions need to be strengthened to ensure that flows can be stopped and perpetrators brought to justice, the panel concluded. Fragile environments created by weakened institutions attract predatory tendencies."
Founder and Executive Chair, Mandela Institute for Development Studies (MINDS), South Africa, Nkosana D Moyo, joined a panel on "New Forms of Partnerships" at the 9th African Development Forum (#ADF9). In reference to Africa's illicit capital flows, he remarked, "We have to look within and act together. It is true that economic indicators show us that Africa is rising but it would be good to find correlation between indicators and activities. I believe, the world is excited about us because we have resources and we have our markets. But we should not become a dumping ground for other peoples’ goods."
InFocus
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