Africa is losing nearly $89 billion a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a U.N. study showed on Monday.
The estimate, in the United Nations Conference on Trade and Development’s 248-page report, is its most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates.
“Illicit financial flows rob Africa and its people of their prospects, undermining transparency and accountability and eroding trust in African institutions,” said UNCTAD Secretary-General Mukhisa Kituyi. Nearly half of the total annual figure of $88.6 billion is accounted for by the export of commodities such as gold, diamonds and platinum, the report said. For example, gold accounted for 77 percent of total underinvoiced exports worth $40 billion in 2015, it showed.
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