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RSS FeedsAfrica could gain $89 billion annually by curbing illicit financial flows, UN says
(WorldNews Environment)

 
 

28 september 2020 21:23:04

 
Africa could gain $89 billion annually by curbing illicit financial flows, UN says
(WorldNews Environment)
 


Every year, an estimated $88.6 billion, equivalent to 3.7% of Africa`s GDP, leaves the continent as illicit capital flight, according to UNCTAD`s launched today. Illicit financial flows (IFFs) are movements of money and assets across borders which are illegal in source, transfer or use, according to the report entitled `Tackling illicit financial flows for sustainable development in Africa.` It shows that these outflows are nearly as much as the combined total annual inflows of official development assistance, valued at $48 billion, and yearly foreign direct investment, pegged at $54 billion, received by African countries - the average for 2013 to 2015. `Illicit financial flows rob Africa...


 
39 viewsCategory: Science > Environment
 
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