Illicit Financial Flows from Africa
This event will discuss Global Financial Integrity's analysis of illicit financial flows out of Africa. Covering the period from 1970 to 2008, a conservative estimate based on available data indicates an outflow of some US$850 billion. If this number is adjusted to roughly approximate missing data, then the figure could rise to US$1.8 trillion or even higher. This illicit outflow has been growing. Much of it passes through the global shadow financial system specifically designed to facilitate transactions that shift illicit, unrecorded money across borders. This hidden resource for development can potentially be of enormous benefit to Africa's achievement of sustainable growth.