Globalising African Voices On Illicit Financial Flows, Asset Recovery [analysis] msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
It’s a known fact that African economies have in the last two decades, lost between trillions of dollars to illicit financial flows that’s nearly equal to the
For over two decades, the issue of Illicit Financial Flows (IFFs) has been a major concern for the Africa as assets and funds running into billions of dollars continue to find its way out of the continent as a result of corrupt public servants and multinational corporations. Their destination is the Western and European countries.
Though stakeholders including the African Union Member-States have played significant roles in the international efforts to combat these opaque and destabilizing transfers of capital, such efforts have not yielded the desired goal.
African countries, including Nigeria, have been advised to arrest the alarming rate of corruption and Illicit Financial Flows (IFFs) in order to develop and meet the Sustainable Development Goal targets. The advice was given by the Head of Secretariat of the African Union High Level Panel on IFFs and the Working Group on Common Africa