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Africa: Africa and the World Continue to Allow Illegal Capital Flight
ISS, 2 October 2020
It's been five years since former South African president Thabo Mbeki and his high-level panel published their landmark report on illicit financial flows (IFFs) from Africa. They… Read more »
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Africa: Curb Capital Flight to Help Fund Covid-19 Response in Africa
allAfrica, 29 September 2020
Curbing capital flight and other illicit financial flows from Africa can generate $88.6 billion a year. These funds can help respond to the COVID-19 crisis and build the resilience… Read more »
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Africa: Curbing Illicit Financial Flows Could Save Africa $89 Billion a Year
UNCTAD, 28 September 2020
UNCTAD’s Economic Development in Africa Report 2020 says stopping illicit capital flight could almost cut in half the annual financing gap of $200 billion that the continent… Read more »
How Illicit Financial Flows Rob Africa of Its Future
Every year, an estimated U.S.$88.6 billion, equivalent to 3.7% of Africa's GDP, leaves the continent as illicit capital flight, according to UNCTAD's Economic Development in Africa Report 2020. Illicit financial flows are movements of money and assets across borders which are illegal in source, transfer or use, according to the report. It shows that these outflows are nearly as much as the combined total annual inflows of official development assistance, valued at U.S.$48 billion, and yearly foreign direct investment, pegged at U.S.$54 billion, received by African countries - the average for 2013 to 2015.
Documents
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Tackling Illicit Financial Flows for Sustainable Development in Africa
- Author:
- United Nations Conference on Trade and Development
- Publisher:
- United Nations Conference on Trade and Development
- Publication Date:
- 28 September 2020
UNCTAD's Economic Development in Africa Report 2020 says stopping illicit capital flight could almost cut in half the annual financing gap of $200 ... see more »
InFocus
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Secret U.S. government documents reveal that global banks have defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal ... Read more »
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President Muhammadu Buhari has called on the intelligence community in Africa to tighten the loop against illicit financial flows which is losing African countries over U.S.$60 ... Read more »
UNCTAD Twitter image to illustrate the release of their Economic Development in Africa Report for 2020.
