Illicit Financial Flows Bleeding Continent Dry
For the 2030 Agenda for Sustainable Development to be actualized appropriate financing is required and remains a major challenge, added to concerns over insufficient financial accountability, transparency and integrity. The President of the UN General Assembly and the President of the UN Economic and Social Council instituted a 15-member panel on Financial Accountability, Transparency and Integrity (FACTI) in March 2019, to look at ways to address illicit financial flows (IFFs), among other issues. Earlier, the problem of IFFs was brought to light by the Thabo Mbeki-led High-level Panel on Illicit Financial Flows from Africa in a 2015 report. Tackling the issue further the United Nations Conference on Trade and Development (UNCTAD) released the Economic Development in Africa Report 2020 titled, Tackling Financial Flows for Sustainable Development in Africa. All these efforts serve to highlight the urgency with which world leaders need to deal with this issue.