NEW FUND WILL ENGAGE CIVIL SOCIETY IN THE BATTLE TO STOP ILLICIT FINANCIAL FLOWS FROM AFRICA

DAKAR – According to a report by the organization Global Financial Integrity, if Africa were able to stop the financial flows pouring from the continent, it would have more than enough to wipe out its  external debt of about $250 billion (as of 2008). Illicit financial flows in Africa, which include drug smuggling, tax evasion, over-invoicing and underpricing is a problem that stems from collusion between  governments and multinational corporations and is made worse by a lack of expertise on how to negotiate a mutually beneficial arrangement and by a lack of accountability.