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Article

1 Sep 2015

Author:
UNECA, African Capacity Building Foundation

Concept note of the first subregional workshop convened by AU, UN on curbing illicit financial flows from Africa

'First subregional workshop on curbing illicit financial flows (IFFs) from Africa', 1 Sep 2015:...In 2012, ECA and the African Union Commission set up the High Level Panel (HLP) on Illicit Financial Flows from Africa…The report of the High Level Panel…highlighted that…commercial IFFs are the largest…[with] about $50 billion…taken away from Africa yearly due to trade mispricing...funds that would otherwise be used for development…[T]his workshop will bolster awareness and involvement by stakeholders as well as focus on the practical implementation of…recommendations…through…delivery of actionable proposals and tools by experts and specific financial ethics institutions aimed at…[s]trengthening institutional capacities...on measures for stolen asset recovery….[i]mproving legislative frameworks…by blocking loopholes and enabling better regulation of trans-boundary financial transactions…reinforce[ing]…the abilities of institutions such as financial intelligence units, criminal investigators and tax officials to do their work…[a]dopting tools to…help monitor and…curb illicit activities…[such as] abusive transfer pricing…[and] trade mispricing…