The Chair, International Anti-Corruption Conference Council, Akere Muna, on Monday stated that Africa was losing between $50bn and $80bn annually through illicit financial outflows.
Muna disclosed this in a keynote address he delivered at a conference on ‘Promoting International Co-operation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development’ held at the old Banquet Hall of the Presidential Villa, Abuja.
The former Vice Chair of Transparency International said despite the inflow of development assistance into the continent, Africa still remained what he called a net creditor.
According to him, our continent is losing anywhere from $50bn to $80bn annually through illicit financial outflows, and despite the inflow of development assistance, Africa still remains a net creditor.
Global capital flows have grown much faster than GDP and trade since 1980, but the global financial system continues to look unprepared and, in some cases, simply reluctant to effectively regulate large volumes of cross-border flows.
Muna described public data as an essential tool in order to track illicit financial flows, adding that access to records on beneficial ownership through country-by-country reporting appeared as the ultimate way to go, adding that for illicit financial flows to be tracked, there was a need to know how they moved.
“If we do not know who the beneficial owners are in business transactions, it is very difficult for the funds to be reclaimed. Exacerbating these problems in the phase is the use of real estate and luxury goods, and even large-scale farming to park illicit funds,” he added.
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