@THE-EAST-AFRICAN

Africa struggles to tackle illicit capital flows - 9 months ago, 16 Maý 16:25

By: Christabel Ligami

Lack of cooperation and information exchange between countries is limiting Africa’s efforts to prevent illicit financial flows, experts have said.

Ministers at the UN Economic Commission for Africa’s (Uneca) Conference of Finance say that illicit capital flows from Africa were stifling domestic resource mobilisation efforts.

“The debate is not about the seriousness of the issue. The magnitude is high, is increasing. The challenge is how we can arrest it. This is an African problem. The only way we can resolve together is by working together with our partners,” said Abdalla Hamdok, Uneca’s deputy executive secretary.

They also said that money illegally transferred across borders has more than doubled to $100 billion annually from $50 billion in 2015.

Nara Monkam, Research Director at Africa Tax Administration Forum (ATAF) said inter-country cooperation at a continental level was required to stem the vice.

“It is important to deal with illicit financial flows and its major components which are ...
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