Africa’s illicit financial flows now $80bn – CDD | Dailytrust

Africa’s illicit financial flows now $80bn – CDD

Centre for Democracy and Development (CDD)
Centre for Democracy and Development (CDD)

The Director of the Centre for Democracy and Development (CDD), Idayat Hassan, has said that the Illicit Financial Flows (IFFs) in Africa has risen to $80 billion.

Her comment was part of activities to commemorate the African Union Anti-Corruption Day with the theme: “Strategies and mechanisms for the transparent management of COVID-19 funds”.

Hassan, in a statement on Monday, said the African continent suffered an annual loss of over $50bn as of 2015 through IFFs which had risen due to non-practical action on it.

She said, “It is pertinent to note that through corruption and mismanagement, some of the COVID-19 funds in Africa may have become a source of illicit financial flows to countries in the North.”

She commended all African countries that have signed and ratified the African Union Convention on Preventing and Combating Corruption (AUCPCC) which was adopted in Maputo, Mozambique, on July 11, 2003, and came into force in 2006.

She also commended the countries that have enacted laws and created independent anti-corruption agencies to tackle corruption.

She said, “CDD urges all states to work towards complying with the provisions of the AUCPCC and indeed other similar multilateral instruments such as the UNCAC, as well as relevant international resolutions.

“Corruption and illicit financial flows are twin evils which continue to constrain Africa’s progress and development. Regrettably, the utilisation of COVID-19 funds has also become a major source of Africa’s corruption conundrum.”

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