$1.4trillion lost to illicit financial outflows from Africa in 30 years

Indications are that African countries may have lost over $1.4trillion to illicit financial flows (IFFs) in the last three decades.

Making this disclosure recently was Logan Wort, Executive Secretary, African Tax Administration Forum (ATAF). He spoke with our correspondent in Johannesburg, South Africa, during a week-long media engagement workshop and training for journalists drawn from 21 African countries.

Citing a report by the African Union and Economic Commission for Africa, Wort said most of the money that gets lost in African countries is due to a mix of those factors.

Paired into specifics, Wort said about $50 billion to US$80 billion annually is lost annually.

Specifically, he said, corruption by government officials that includes theft, bribery and other forms of abuse,…

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