How illicit financial flows fuel rampant corruption and organised crime in Africa

THE Global Initiative against Transnational Organised Crime (GI-TOC) is warning that Africa is plagued by an increasing array of illicit financial flows, with many countries serving as sources, transit points, or destinations.

- MANYANE MANYANE

It added that these flows erode economic stability, fuel corruption, and sustain organised crime, causing harms that extend well beyond the continent.

According to the United Nations Economic Commission for Africa (UNECA) and Ghana's Financial Intelligence Centre (FIC), the continent loses more than $88.6 billion to these flows annually.

The continent also faces challenges from poverty, inequality, and climate change that can exacerbate crime rates, though safety levels vary significantly by country and region, with some nations being among the safest in the world.

According to GI-TOC, large-scale scandals have frequently relied on professional intermediaries to move illicit funds using complex financial transactions and business structures.

Networks of lawyers, accountants, and providers of corporate services enable the transfer of illicit proceeds from African markets to international financial hubs.