Need for global coalition to fight illicit and financial flows out of Africa

Former President of South Africa and Chair of the High Level Panel on Illicit Financial Flows, Thabo Mbeki.

Former South African President Thabo Mbeki has stressed the need for global efforts to address the problem of illicit financial flows from Africa.

President Mbeki chairs a ten member panel established in March 2011 by the UN Economic Commission for Africa (UNECA) and the African Union (AU) to tackle the issue.

The High Level Panel on Illicit Financial Flows undertakes extensive and in-depth studies to shed light on the extent and ramifications of the scourge on national economies as well as on the human impacts of the phenomenon.

President Mbeki says the Panel has recently visited a number of African countries to see how the problem affects them.

"The panel is therefore looking at this matter to understand in particular how this outflow happens because in the end we have got to say what steps need to be taken to make sure that it doesn’t happen. So it because very important to say how it happens, how it leaves the African continent but of course  also to say where does it end up.  And it is clear that the receiving countries are the developed countries as well as the tax havens."

An estimated $50 billion a year is lost to Africa in illicit financial flows, far exceeding the amount of official development assistance the continent receives.

The Panel is also expected to streamline possible initiatives that African countries can undertake either individually or collectively to stem the flows and repatriate the stolen funds.

Jocelyne Sambira, United Nations.

Duration: 1’36”

 

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