Global Alliance for Tax Justice’s regional member Tax Justice Network – Africa and its partners just released a new Accelerated Agenda on IFFs for African Countries.

“Illicit financial flows, as TJN-A explains, have steadily increased out of Africa in scale and magnitude. GFI data indicates that from 2002 to 2011, illicit financial flows from Africa were the second fastest growing of all regions, at a rate of 19.8 % per year. In 2016, the Panama papers highlighted the depth and breadth of IFFs not to be just an African challenge.  As such, African governments are working to curb IFFs from the continent. The High Level Panel  on IFFs 2015 report recommends concrete steps be taken to curb financial outflows from the continent in the form of illicit financial flows. These recommendations have informed the Stop the Bleeding Campaign to curb IFFs as well as a new partnership on the Accelerated Agenda on IFFs for African Countries.

As the world now begins to implement the sustainable development goals, there in an estimated $2.5 trillion funding gap annually[1]. To be able to fund our own development, it is important to curb illicit financial flows from Africa. This will require committed implementation of the recommendations of the HLP by African governments. The accelerated IFF agenda is an important contribution to the continents’ fight against IFFs from the continent”.

Further details on the agenda can be found here.

For further information on TJN-A’s work on Illicit Financial Flows, you can contact Crystal Simeoni and Jason Rosario Braganza.