Africa loses US$50bn annually in illicit financial flows

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Abdallah Hamdok. UN PHOTO.

The illicit transfer of approximately US$ 50 billion from Africa each year is denying the continent the much needed resources for its development.

That's the conclusion of the High Level Panel on Illicit Financial Flows, which was inaugurated in 2012 by the UN Economic Commission for Africa (ECA) and the African Union to look into this problem.

Its latest report, entitled "Track it! Stop it! Get it!" contains findings and recommendations on how to tackle this problem.

Derrick Mbatha sat down with Abdallah Hamdok, Deputy Executive Secretary of the Ethiopia-based ECA to find out more about the issue.

Duration: 4'59"

Filed under Today's Features.
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