Given the size of illicit financial flows from African countries, and recognising the potential of tax transparency and exchange of information to fight them and to raise resources for development, African countries members of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) decided to create an African-focused programme in 2014: the Africa Initiative. The objective was to unlock the potential of tax transparency and exchange of information for Africa by ensuring that African countries are equipped to exploit the improvements in global transparency to better tackle tax evasion.

Report by the African Development Bank