Civil society organizations have called for African leaders to move quickly to implement recommendations in UNECA report on Illicit Financial Flows. Illicit financial flows are not only an extreme hindrance to Africa’s development, they are growing rapidly every year. As African leaders are meeting in Addis Ababa to discuss growing threats from extremist groups, instability, and poverty, Heads of State are urged to give priority to a growing threat to their economies: illicit financial flows. The new report UNECA report on Illicit Financial Flows looks at the dire consequences of illicit financial outflows from Africa, estimated at US$50 billion per year. Their very full session to illicit financial flows underlines just how serious this issue is.IFFs are not only an extreme hindrance to Africa’s development, they are growing rapidly every year. Much of the money that leaves Africa illicitly by way of corporate tax evasion or corruption ends up in banks within Europe and the United States. Curbing illicit financial flows could jumpstart the ability of African nations to recoup tax revenue, and enable governments to better fund programs of sustainable development.
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