Africa loses US$88.6bn annually to illicit financial flows – FIC

Illicit Financial Flows Cost Up to $1.5 Billion Annually, State Capture Holding Kenya Back, Says Africa Development Bank (AfDB)

State capture and entrenched corruption are major obstacles to Kenya’s economic development, according to the African Development Bank (AfDB). AfDB President Akinwumi Adesina pointed to pervasive graft in Kenya’s public sector, noting that while the country has strong institutions and abundant potential, these are being undermined by systemic corruption and rent-seeking behavior. Why the Upcoming Kenya Virtual Assets Regulatory Authority (VARA)…

Africa loses US$88.6bn annually to illicit financial flows – FIC

By Samuel SAM Africa loses an estimated US$88.6billion each year to illicit financial flows, undermining foreign direct investment (FDI), development assistance and national efforts to fund economic transformation, according to a recent report by the Financial Intelligence Centre (FIC). The loss, which stems from capital flight, money laundering, tax evasion and proceeds of crime – including corruption, bribery and illegal mining – continues to …