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Africa Pilots Anti-Illicit Financial Flows Project

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 collaborations with international organisations and national tax, customs and statistics experts. Every year, organised crime, trade in illegal goods, and illegal or illicit tax and commercial practices generate billions of dollars in illicit flows. This includes proceeds of crime that are channelled abroad, often to safe havens. These funds may also be laundered and reinvested in legal markets, or they may originate in the legal economy and be illicitly transferred abroad.

Africa: Africa Pilots Anti-Illicit Financial Flows Project

East African, 29 December 2020

Africa has been selected to pilot a United Nations-funded project to reduce illicit financial flows. The pilot by the United Nation Conference on Trade and Development (UNCTAD) and… Read more »
Nigeria: Enhancing Flow of Diaspora Remittances

This Day, 23 December 2020

Obinna Chima writes on the new measures aimed to boost flow of remittances sent home by Nigerians in the Diaspora Read more »

InFocus

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 ... Read more »
- Africa: Africa and the World Continue to Allow Illegal Capital Flight
- Africa: Curb Capital Flight to Help Fund Covid-19 Response in Africa
Investment Flows in Africa Set to Fall Sharply

Foreign direct investment flows to the continent is forecast to contract between 25% and 40% based on GDP growth projections as well as a range of investment-specific factors, ... Read more »
- Africa: Investment Flows to Continent Set to Fall Sharply - New Report
- Africa: Kagame Invites U.S. Investors to Continent's Economic Recovery Process

Michael Kuhlmann/UNCTAD

UNCTAD’s Economic Development in Africa Report 2020 says stopping illicit capital flight could almost cut in half the annual financing gap of U.S.$200 billion that the continent faces to achieve the Sustainable Development Goals (file photo).