
Illicit money flows from Africa near $89bn, UN study says
Africa lost billions in illicit financial flows including through tax evasion and theft: UN report
Tackling illicit flows is a priority for the UN, whose General Assembly adopted a resolution on this in 2018.
29 Sep 2020
Africa has lost nearly $89bn a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a United Nations study has showed.
The estimate, in the United Nations Conference on Trade and Development’s (UNCTAD) 248-page report, is its most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates.
The report released on Monday calls Africa a “net creditor to the world”, echoing economists’ observations that the aid-reliant continent is actua...