African states urged to tighten controls to curb Sh11.7trn illicit flows
The call follows new reports by the Coalition for Dialogue on Africa, which serves as the Secretariat of the African Union High-Level Panel on Illicit Financial Flows, based on assessments across 16 African countries. Kenya breaking news | Kenya news today |..
✨ Key Highlights
African governments are urged to enhance financial oversight and transparency to combat a staggering Sh11.7 trillion ($90 billion) annually in illicit financial flows (IFFs) draining the continent.
- Illicit flows have surged to $90 billion annually, up from approximately Sh6.5 trillion a decade ago.
- Key calls come from the Coalition for Dialogue on Africa (CoDA), serving as the African Union High-Level Panel on Illicit Financial Flows.
- Losses primarily stem from commercial activities like trade mispricing and tax avoidance, impacting development and undermining state institutions.
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African States Urged to Tighten Controls to Curb Sh11.7trn Illicit Flows - March 2026
African governments are urged to enhance financial oversight and transparency to combat a staggering Sh11.7 trillion ($90 billion) annually in illicit financial flows (IFFs) draining the continent. Nigeria's recent reform efforts aimed at global investor confidence are influencing how African markets, including Kenya's, are perceived internationally. Traders are rushing to complete transactions on the Kenya Revenue Authority (KRA) cargo clearance system ahead of a scheduled weekend shutdown for maintenance, following a similar outage last month that caused significant disruptions at the Mombasa port.
