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Last updateMar, 27 Jan 2015 11am

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High-level forum on illicit financial flows holds in Ethiopia

Illicit financial flows - The third edition of the Tana High-Level Forum on Security in Africa, called on the initiative of the Institute for the  Peace and Security Studies (IPSS) of the University of Addis Ababa, will take place 26-27 April in Bahir Dar, Ethiopia, according to a statement issued here by the university and made available to PANA Friday.

It said that the Forum will deal with illicit financial flows and their impact on security in Africa.

It said participants will have the opportunity to share their experiences on the impact, forms and strategies aimed at curbing illicit financial flows out of Africa.

The Economic Commission for Africa (ECA) estimates that Africa loses US$ 50 million annually to illicit financial flows, making a total loss of US$ 50 billion between 2000 and 2008.

In addition, a report by the Global Financial Integrity, a non-governmental organization based in Washington, said that illicit financial flows in developing countries reached US$ 946.7 billion  in 2011, accounting for 5.7 ??percent of gross domestic product each year in sub-Saharan Africa.

The High-Level Forum on Security in Africa was started in 2012 to contribute to the implementation of the Tripoli Declaration of August 2009 which recommends finding African solutions to Africa's problems.

Pana 08/02/2014