The article talks of the major causes and effects of IFFs in Africa and the developing world in particular,based on presentations delivered at the Financing Africa’s Structural Transformation Pan –African Conference, titled “Curbing illicit financial flows and mobilising domestic resources”, organised by African Forum and Network on debt and development (Afrodad) in Victoria Falls. Africa is losing about $150 billion annually due to illegal financial flows through corruption, financial embezzlement and tax incentives to conglomerates. Diamond trade had been done clandestinely since its discovering in Marange in 2007 in Zimbabwe. “Illicit financial flows undermines the role of the states in mobilising internal resources and therefore take a leading role in social transformation,” Trust Africa’s Bomba, said we end up mortgaging minerals resources and getting very expensive loans yet we can avoid it if we stop capital flight.
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