Illicit Financial Flow Report of the High Level Panel on Illicit Financial Flows from Africa

The Mbeki High-Level Panel on Illicit Financial Flows (IFFs) from Africa investigates the profound impacts of IFFs on the continent's development. The report reveals that Africa loses an estimated $50 billion annually due to IFFs, stemming from activities such as tax evasion, corruption, and illegal resource exploitation. This financial drain undermines economic growth, exacerbates inequality, and hampers poverty alleviation efforts. The panel highlights the necessity of strengthening domestic resource mobilization and international cooperation to combat IFFs effectively. Key recommendations include enhancing transparency in financial transactions, reforming global tax policies, and fostering stronger governance frameworks. Through addressing IFFs, the report argues, Africa has the potential to unlock substantial resources needed for sustainable development, infrastructure investment, and social programs. The Mbeki report serves as a call to action for African governments, international organizations, and stakeholders to prioritize financial integrity and ensure the continent's wealth is utilized for the benefit of its people.