Illicit Financial Flow: Report of the High-Level Panel on Illicit Financial Flows from Africa
This report, which was compiled following a vast consultative process undertaken by the HLP across Africa, Europe and the U.S. over two years, contains key recommendations aimed at combating illicit financial flows (IFF) from the continent.
While IFF are a global problem, their impact on the continent of Africa is monumental, thereby representing a significant threat to Africa’s governance and economic development. Current evidence shows that Africa lost in excess of US$50bn annually between 2000 and 2008. The level of illicit financial outflows from Africa exceeds the official development assistance to the continent, which stood at $46.1bn in 2012.
The main aims of the report were to:
- Determine the nature and patterns of illicit financial outflows from Africa
- Establish the level of illicit financial outflows from the continent
- Assess the complex and long-term implications of IFFs for development
- Raise awareness among African governments, citizens and international development partners of the scale and effect of such financial outflows on development
- Propose policies and mobilize support for practices that would reverse such illicit financial outflows.
Issues covered in this report are:
- Tackling elicit financial flows from Africa
- Understanding the phenomenon of illicit financial flows from Africa
- The governance and development impact of illicit financial flows
- Findings and policy implications
This report is extremely detailed, and covers the topic well. A full glossary is presented, and data is scattered throughout the report as well as in the extensive appendices. Well designed graphics also feature frequently within the report.