Africa is losing too much from the outflow of illegal transfers

Former President of South Africa and Chair of the High-Level Panel on Illicit Financial Flows Thabo Mbeki. UN Photo/Eskinder Debebe
Former President of South Africa and Chair of the High-Level Panel on Illicit Financial Flows Thabo Mbeki. UN Photo/Eskinder Debebe
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18 February - Africa must do something to stop the outflow of illegal transfers because the continent is losing too much.

That's according to former South African President Thabo Mbeki who is the Chair of the High-Level Panel on Illicit Financial Flows (IFF) from Africa.

By some estimates, Africa could be losing as much as $50 billion a year from these illicit flows.

The illegal activity includes tax evasions by multinational corporations and money laundering. The lost revenue is putting a drain on resources required for Africa's development.

Jocelyne Sambira began by asking President Mbeki if he was shocked by the extent of the problem.

Duration: 5'30"