Africa: How Illegal Financial Flows Stifle Africa's Growth

Africa: How Illegal Financial Flows Stifle Africa's Growth

The African Union has warned the continent loses billions in illicit financial flows each year. Analysts say stopping tax evasion and corruption is just the first step to keeping African wealth in the continent.

How illegal financial flows stifle Africa's growth

An estimated US$88 billion (€76 billion) leaves Africa annually through tax evasion, money laundering, and corruption, the African Union (AU) says. In 2015, that figure was US$50 billion (€43 billion). Analysts say this deprives governments of revenue that could be invested in public services such as healthcare, education, and infrastructure. Elites shifting money to tax havens Christoph Trautvetter, coordinator of the German organization Networ…