IFF

Launch of Illicit Financial Flows Report

Illicit financial flows out of Africa have become a matter of major concern because of the scale and negative impact of such flows on Africa’s development and governance agenda.  By some estimates, illicit flows from Africa could be as much as US $50 billion per annum. This is approximately double the official development assistance (ODA) that Africa receives and, indeed, the estimate may well be short of reality as accurate data does not exist for all transactions and for all African countries.

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High Level Panel on Illicit Financial Flows from Africa to launch its final report

Addis Ababa, 26 January 2015 (ECA) - The High Level Panel on Illicit Financial Flows from Africa (HLP), chaired by former South African President Thabo Mbeki, will launch its final report on Sunday, February 1 2015 at the United Nations Conference Center in Addis Ababa, Ethiopia.

The launch of the Report will follow its prior submission to the Assembly of the African Union (AU) on 31 January 2015.

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Tracking Africa’s stolen billions

Illicit financial flows are a major drain on Africa’s resources for development. International coordination is needed to slow the flow of stolen assets.

Marrakesh, 14 October 2014 (ECA) - Last week, Teodorin Nguema Obiang, the second vice president of oil-rich Equatorial Guinea, was ordered by a US court to sell $30 million worth of property, including luxury cars, real estate and his collection of Michael Jackson memorabilia. The US believes that Obiang, the son of Equatorial Guinea’s president, obtained the money through the proceeds of corruption.

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Review mission of High Level Panel on Illicit Financial Flows from Africa to the Democratic Republic of Congo

How serious and complex is the problem of illicit financial flows from the Democratic Republic of Congo (DRC), what are the key drivers of the flows, what are Government and other stakeholders doing to reverse it and what obstacles stand in the way of their efforts?

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Ex-President Mbeki to lead review on illegal money outflows from Democratic Republic of Congo

Addis Ababa, 22 August 2013 (ECA) – How serious and complex is the problem of illicit financial flows from the Democratic Republic of Congo (DRC), what are the key drivers of the flows, what are Government and other stakeholders doing to reverse it and what obstacles stand in the way of their efforts? These are key questions to which the ECA-AUC High-Level Panel on Illicit Financial Flows (HLP) led by former South African President – Thabo Mbeki – will be on the field in DRC’s capital Kinshasa to examine from 26 to 28 August 2013.

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Panel’s efforts to curb illicit financial flows from Africa receives U.S. support

·      U.S. Department of State welcomes the work of the Panel
·      U.S. Treasury, World Bank, International Monetary Fund and Corporate Council for Africa highlight importance of capacity building and global coalition
 
Washington D.C. 5 February 2014 - Efforts by the High Level Panel (HLP) on Illicit Financial Flows (IFF) from Africa to curb the outflows that have crippled Africa’s efforts to sustain economic growth and develop over the last decades received support from Assistant Secretary of State for African Affairs, Ms.
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