Illicit Financial Flows a security and human rights issue

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Corruption is the most neglected human rights violation of our time. It fuels injustice, inequality and depravation, and is a major catalyst for migration and terrorism.

In Africa, the social and political consequences of corruption rob nations of resources and potential, and drive inequality, resentment and radicalisation. Corruption cheats the continent’s governments of about $50-billion (about R700-billion) annually and stymies successful cities, sustainable economies and safe societies.

A joint report by the African Development Bank and nonprofit advisory firm Global Financial Integrity found that up to 65% of this lost revenue disappeared in commercial transactions by multinational companies. According to Oxfam, as much as 30% of African financial wealth is estimated to be held offshore, costing an estimated $14-billion in lost tax revenues every year.

This corruption discourages donors and destroys investor confidence, strangling development, progress and prosperity.
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