"Today,
the term “illicit financial flows” has not only become a catchy phrase often
used in global summits, but also significant in the international political
economy thesaurus. Illicit Financial Flows (IFFs) cause nerve-racking damage to
Africa’s economic development. IFFs have caused Africa’s financial hemorrhage,
which threatens Africa’s development and future of African continent. Economic
development in Africa is stunted as significant funds that could be spent on
infrastructure projects and social delivery services are darted out of Africa
through IFFs. These funds are higher than the official development assistance
(ODA) that flow into Africa. Efforts by African economies to build democratic
institutions and improve public finances are clearly smothered by the scale and
systematic operations of IFFs."
Read full article on News24
Read full article on News24
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