The high level panel on illicit finance flows meets in Lusaka

Abstract

The High Level Panel on Illicit Financial Flows held a two-day meeting in Lusaka from 17th -18th June 2013. The ten member Panel chaired by His Excellence, former President of South Africa Mr. Thabo Mbeki was established by the Economic Commission for Africa (ECA) and the African Union (AU) and was inaugurated in February 2012 to address the debilitating problem of illicit financial outflows from Africa. The meeting which brought together over 60 delegates comprising key stakeholders from East and Southern Africa is part of a continental wide consultative process aimed at sensitizing and building a coalition on illicit financial flows which are grossly hurting the continent. It is estimated that Africa loses USD$50 billion a year in illicit financial flows that find their way to developed countries draining the continent of the much needed resources.