Browsing: africa financial flow

The African Union (AU) has been conducting an initiative subbed ‘Silencing the Guns’ that is meant to fight illicit financial flows (IFFs).

Just so we are on the same page, illicit financial flows refer to the illegal movement of money from one country to other various channels including but not limited to tax fraud, money laundering, and other criminal activities.

Now, here is who, what, and how of the matter, but not in any particular order.

How grave is this IFF problem? Every year, Africa is robbed of a shocking $50 billion to IFF. Describing the annual illicit outflow as staggering losses to the continent, UN Deputy Secretary-General Amina Mohammed said;

“These flows pose a threat to stability and security in African countries, undermine institutions and democracy, and jeopardize sustainable development and the rule of law.”

The United Nations Conference of Trade and Development 2020 report placed the IFFs losses …