The article by Dr Njoroge, Central Bank of Kenya Governor tackles ways in which IFFs can be stemmed from the African continent’s vulnerable financial systems. Stemming illicit financial flows from developing countries is one of the key issues shaping the global development agenda enshrined in Goal No. 16 of the Sustainable Development Goals (SDGs) under the United Nations 2030 Agenda for Sustainable Development. He stated that illicit financial flows have far-reaching effects, particularly on the African continent. The financial sector, therefore, has to be at the forefront of the agenda to stem the flows. New technologies can help but could also facilitate illicit financial flows. In addition, lifting the veil of secrecy and determining who ultimately owns and controls corporate entities that have established business relationships with financial institutions exposes wrongdoing and disrupts a key vehicle for illicit financial flows. These flows and the activities that support them have been shown to lead to increasing inequality in the source countries, in addition to undermining the economic and social institutions, discouraging transparency, and undermining international development co-operation.
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