Illicit financial activities costing Africa Sh5tr yearly

Africa loses Sh4.9 trillion ($50 billion) each year through illicit financial activities by multinational companies and rich individuals. A report published by the African Union High Level panel on Illicit Financial Flows (IFF) cited multinational companies, especially those operating in Africa’s extractive sector, mostly in oil, gas and mining as the leading perpetrators of the vice in the continent.

Speaking during the launch of “Stop Bleeding Campaign” in Nairobi yesterday, co-ordinator, Human and Trade Union Rights Joel Odigie said the activities pose a major threat to sustainable development and security across the continent.”These resources, if retained in the continent, could be invested in productive sector of these economies to lift Africa’s growing population from under-development and poverty,” he said.