Pan-African Network Conference on Fighting Illicit Financial Flows in Africa To be Held in Tunisia

Pan-African Network Conference on Fighting Illicit Financial Flows in Africa will be held under the theme: “From Words to Actions” in Tunisia next week.

The conference will deliberate on various issues of IFFs for three consecutive days starting from March 15, 2023.

The overall objectives of the conference is to take stock of the best practices and relevant continental-wide initiatives undertaken by the African Union Commission and other Illicit Financial Flows (IFFs) stakeholders and partners in response to the Thabo Mbeki report findings and recommendations in combating IFFs in Africa.

The conference is also expected to design an inclusive IFFs continent-wide platform aligned with Agenda 2063 and SDGs 2030 as well as discuss the appropriate IFFs mutli-stakeholders follow-up mechanism that will ensure monitoring and follow-up of agreed recommendations and policies.

According to the Report of the High-Level Panel on Illicit Financial Flows (IFFs) from Africa, the value of total aggregated illicit outflows surged from approximately USD 4 billion in 1990 to USD 50 billion in 2015.

UNCTAD (2020) estimates trade mis invoicing at between USD 30 and USD 52 billion per annum, while capital flight is valued at USD 88,6 billion per annum.

Some of the negative effects of IFFs are the depletion of foreign exchange reserves, reduced tax collection, cancellation of investment flows and increased poverty, according to the African Union.

Source: Ethiopia News Agency