ADDIS ABABA— 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.
On Saturday, African Union Heads of State will review a report produced by the AU High Level Panel on Illicit Financial Flows, which has been chaired by Thabo Mbeki. The new report looks at the dire consequences of illicit financial outflows from Africa, estimated at US$50 billion per year, according to Global Financial Integrity (GFI) and the African Development Bank.
“The fact that our leaders are devoting a portion of their very full session to illicit financial flows underlines just how serious this issue is,” said Savior Mwambwa, Policy and Advocacy Manager for the Tax Justice Network Africa. “Illicit financial flows are not only an extreme hindrance to Africa’s development, they are growing rapidly every year.”