Launch of an Anti-Illicit Financial Flows Platform in Togo
Available data shows that Africa’s losses due to illicit financial flows have nearly doubled, rising from $50 billion per year in 2015 to $90 billion in 2020. This represents 3.7% of the continent’s total economic output and is nearly equivalent to the total amount of foreign investment and aid that Africa receives each year (ECA, 2020). Corruption causes Africa an estimated annual loss of $148 billion, or 25% of Africa’s GDP (AfDB, 2015). The rate of illicit financial flows (IFFs) is particularly high in West Africa at 38%, compared to 28% in...