OVER the past 50 years, Africa is estimated to have lost more than $1-trillion in illicit financial flows, but this may well fall short of reality, because accurate data does not exist for many countries.The estimates often exclude illicit flows, such as the proceeds of bribery and the trafficking of drugs, people and firearms. The amount lost annually is, therefore, likely to exceed $1-trillion by a significant amount.Former South African president Thabo Mbeki, who heads the high-level panel on illicit financial flows from Africa, has said: "Africa faces the great challenge of large volumes of capital leaving the continent illicitly — money that our continent needs to address the challenges of development."We, as Africans, have an absolute obligation to act on this to ensure that the rest of the world (the destination of these illicit movements of funds), by acting together, will help stop this drain of resources which belong to the continent that needs them so badly."Sustained pre...
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