Africa Losing $60 Billion (and Growing) from Illicit Outflows

Africa is losing more than $60 billion every year through illicit financial transactions - double to amount of aid the continent receives - and the outflow is increasing, according to a High Level Panel established the UN Economic Commission for Africa (ECA) and the African Union (AU). The panel's report was issued in Addis Ababa on February 1, after three years of investigation and hearings.

Cover of the Report from the High Level Panel on Illicit Financial Flows from Africa.

Former South African President Thabo Mbeki, chair of the High Level Panel on Illicit Flows, and panel vice-chair Abdalla Hamdok, Deputy Executive Secretary of the UN Economic Commission for Africa (ECA), arriving at the ECA in Addis Ababa to present the panel's report .

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