South Africa urges G20 to address illicit financial flows costing Africa over R1. 58 trillion annually
South Africa has urged the world's largest economies to take more decisive action against illicit financial flows
Image: Jacques Naude / Independent Newspapers
South Africa urged the world's largest economies to take more decisive action against illicit financial flows depriving African countries of essential resources needed for their development.
During her opening address at the G20 Development Working Group meeting in KwaZulu-Natal on Sunday, Maropene Ramokgopa, the Minister in the Presidency for Planning, Monitoring, and Evaluation, emphasised that the continent around $88.6 billion (over R1.58 trillion) each year due to illegal financial activities.
South Africa has urged the world's largest economies to take more decisive action against illicit financial flows
Image: GCIS
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"The issue of Illicit Financial Flows remains a critical challenge for many countries, especially on the African Continent. According to the African Union Economic Commission for Africa's High-Level Panel on the Illicit Financial Flows, led by former President of South Africa, His Excellency, President Thabo Mbeki, the African Continent loses an estimated $88.6 billion annually due to the Illicit Financial Flows," she said.
"Evidence from sources such as Transparency International and Corruption Watch find that many cases of Illicit Financial Flows coming out of Africa end up in wealthy nations, far from where the corruption originated from."
South Africa has also voiced strong support for the continued work of the Financial Action Task Force
Image: GCIS
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