Global Financial Integrity

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$854 Billion Removed from Africa by Illicit Financial Flows from 1970 to 2008

Hundreds of billions that could have been used for poverty alleviation and economic development lost, finds new report from Global Financial Integrity

WASHINGTON, DC – Africa lost $854 billion in illicit financial outflows from 1970 through 2008, according to a new report to be released today from Global Financial Integrity (GFI).  Illicit Financial Flows from Africa: Hidden Resource for Development debuts new estimates for volume and patterns of illicit financial outflows from Africa, building upon GFI’s ground-breaking 2009 report, Illicit Financial Flows from Developing Countries: 2002-2006, which estimated that developing countries were losing as much as $1 trillion every year in illicit outflows. The new Africa illicit flows report is expected to feature prominently at the 3rd Annual Conference of African finance ministers in Malawi, which is currently underway.

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UN Convenes High-Level Meetings on Africa, Millennium Development Goals

NEW YORK – The UN Secretary-General and the President of the UN General Assembly are convening a High-level Event on the Millennium Development Goals at UN Headquarters in New York today.

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