The High Level Panel Report on Illicit Financial Flows from Africa
July 31st, 2020
July 31st, 2020
In February 2012, the 4th Joint African Union Commission (AU) United Nations Economic Commission for Africa Conference (UNECA) of African Ministers of Finance, Planning and Economic Development established the AU/ UNECA High Level Panel on Illicit Financial Flows (High-Level Panel) which set out to ensure that Africa’s development relies as much as possible on its own resources.
The High-Level Panel published a report in January 2015 which reflects its work to assess the extent and causes of illicit financial flows (IFFs), to understand how these outflows occur and to make recommendations to stop IFFs.
The report made 15 key findings on IFFs:
The Tax Justice Network Africa (TJNA) together with the Pan-African Lawyers Union (PALU), as members of the Financial Transparency Coalition (FTC), developed a booklet to simplify and summarise the issues covered in the report and to create awareness about the problem of IFFs in general. While there have been many developments since 2015 when the report was launched, the simplification focuses on abridging the content of the report at the time and does not add new content except to explain terminologies and to offer links for further information.
“By reading this simplification you will quickly understand what IFFs are, how they happen and what is their impact. There is also a glossary to help you understand key terminologies and links to further information about other stakeholders working on various aspects of IFFs. We have used illustrations throughout to explain concepts such as the race to the bottom in tax competition, power relations at the policy table, beneficial ownership and trade misinvoicing among others” says Riva Jalipa, Policy Lead – Fair and Equitable Taxation, TJNA. “We hope you enjoy reading it!”