01449nam a22000977a 4500 Almost $2 Trillion Has Left Africa Illicitly Since 1970, Thwarting Poverty Reduction and Economic Growth. The figures are staggering: At least $1.8 trillion illicitly flowed out of Africa between 1970 and 2009.This is far more than the external aid the continent received over the same period, and almost five times its current external debt. According to researchers, the continent also loses at least $100bn a year in this financial haemorrhage. A study commissioned by the Tana High Level Forum on African Security found that illicit flows from Africa grew at an average rate of 12.1 percent per year since 1970, and that capital flight from West and Central African countries accounted for most of the illicit flows from sub-Saharan Africa. Illicit financial flows consist of money earned illegally and then transferred for use elsewhere. The money is usually generated from criminal activities, corruption, tax evasion, bribes and smuggling. Yet the numbers tell only part of the story - a story that exposes how these highly complex and deeply entrenched practises have flourished, with a devastating impact on Africans' efforts to extricate themselves from grinding poverty. Corruption, Tax Evasion, Smuggling, Drugs, Capital Flight iffoadatabase.trustafrica.org/iff/Can_Africa_Curb_Illicit_Cash_Flow-1.mp4 VM 216 216