The challenges of curbing illicit financial flows from Africa

In a statement issued a day ahead of the launch of the panel, UNECA asserted that:

Illicit financial outflows constitute a major source of resource leakage from the continent, draining foreign exchange reserves, reducing tax collection, dwindling investment inflows, and worsening poverty in Africa. The methods and channels of illicit financial outflows are many and varied including tax havens and secrecy jurisdictions, over-invoicing, underpricing, and different money laundering strategies.