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The United Nations Economic Commission for Africa (UNECA) will launch a High Level Panel on Illicit Financial Flows from Africa at the Sandton Convention Centre, Johannesburg, South Africa on February 18, 2012 at 9.30am.
The High Level Panel will be headed by H.E. Mr. Thabo Mbeki, former President of South Africa, and composed of other nine distinguished personalities from within and outside the continent.
The establishment of the Panel follows the 4th Joint Annual Meetings of the ECA/AU Conference of Ministers of Finance, Planning and Economic Development in Africa in March 2011 which decided to examine the debilitating problem of illicit financial outflows from Africa estimated at about $50 billion annually.
Illicit financial outflows constitute a major source of resource leakage from the continent, draining foreign exchange reserves, reducing tax collection, dwindling investment inflows, and worsening poverty in Africa. The methods and channels of illicit financial outflows are many and varied including tax havens and secrecy jurisdictions, over-invoicing, under-pricing, and different money laundering strategies. This source of resource outflows is far bigger and higher in terms of scale and magnitude than the normal corruption channels, which are focused upon globally.
The Panel will amongst others, determine the nature, pattern, scope and channels of illicit financial outflows from the continent; sensitize African governments, citizens, policy makers, political leaders and development partners to the problem; mobilize support for putting in place rules, regulations, and policies to curb illicit financial outflows; and influence national, regional and international policies and programmes on addressing the problem of illicit financial outflows from Africa.
A press briefing will be held at the Sandton Convention Centre at 14h00 tomorrow at the conclusion of the launch of the Panel.