Illegal money flows from Africa near Sh9.6 trillion, UN study says

The United Nations logo is seen on a window in an empty hallway at United Nations headquarters during the 75th annual UN General Assembly high-level debate, which is being held mostly virtually due to the coronavirus disease (COVID-19) pandemic in New York, US, September 21, 2020. [Reuters]

Africa is losing nearly Sh9.6 trillion (USD89 billion) a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a UN study showed.

The estimate, in the United Nations Conference on Trade and Development’s (UNCTAD) 248-page report, is its most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates.