01760nam a2200097   4500100001900000245007100019260003500090520142400125650002001549856009301569  aTafirenyika, M  aIllicit Financial Flows from Africa: Track it, Stop it, and Get it  aNew YorkbAfrica Renewalc2013  aThe article focuses on dynamics of IFFs between Africa and the West.These include distortions around IFFs as well as the sources and channels of IFFs in Africa including the drivers of IFF vehicles. The staggering figures from researches range between $1.2 trillion and $1.4 trillion that has left Africa in illicit financial flows between 1980 and 2009—roughly equal to Africa’s current gross domestic product, and surpassing by far the money it received from outside over the same period. The money is usually generated from criminal activities, corruption, tax evasion, bribes and transactions from cross-border smuggling. It is a story that exposes how highly complex and deeply entrenched practices have flourished over the past decades with devastating impact, but barely made it into the news headlines. “The illicit haemorrhage of resources from Africa is about four times Africa’s current external debt. The traditional thinking has always been that the West is pouring money into Africa through foreign aid and other private-sector flows, without receiving much in return,a report the turns that logic upside down, adding that Africa has been a net creditor to the rest of the world for decades. The composition of these outflows also challenges the traditional thinking about illicit money. Underpricing trade deals ,offshore tax shelters and unconscionable acts are some of the main drivers of IFFs.  aCapital Flight   uiffoadatabase.trustafrica.org/iff/Illicit Financial Flows from Africa Africa Renewal.pdf