UNITED Nations has blamed illicit financial flows (IFFs) for continuous threats on security and stability in African countries.
These illicit financial flows occur through illegal movement of money from one country to another in tax fraud, criminal activities, money laundering or bogus invoicing.
UN Deputy Secretary-General, Amina Mohammed, stated this yesterday at a high-level virtual meeting held under the African Union’s (AU) Silencing the Guns Initiative that was co-hosted by Office of UN Special Adviser on Africa and AU’s Permanent Observer Mission to UN together with South Africa and Nigeria.
According to Mohammed, impacts of these illicit funds are robbing Africa of over $50 billion yearly amid the continent’s push to recover from the global pandemic.
“These “staggering losses” would be enough to bridge nearly 75 percent of Africa’s health financing gap, provide inclusive education for all children there, and fund infrastructure projects. These flows pose a threat to stability and security in African countries, undermine institutions and democracy, and jeopardise sustainable development and the rule of law. Women and girls are particularly exposed to criminal activities and conflicts driven by IFFs as they are subject to trafficking and sexual violence which are used as weapons of war,” she said.