The article is based on the meeting between Guebuza and Mbeki, who Chaired the 10-member High Level Panel on Illicit Financial Flows.Illegal transactions out of Africa were the single economic issue hampering Africa’s development. It is estimated that Africa loses over USD$50 billion a year in illicit financial, exceeding the official development assistance to the continent, which stood at US$46,1 billion in 2012. The illicit financial flows find their way to developed countries mostly through multi-national companies and subsequently draining the continent of the much-needed resources. During the closed door meeting, President Guebuza was appraised on the work of the high level panel since its establishment and inauguration in February 2012 by the United Nations Economic Commission for Africa, and the African Union to address the debilitating problem of illicit financial outflows from Africa. While illicit financial flows are a global problem, their impact on the continent is monumental thereby representing a significant threat to Africa’s governance and economic development.
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