‘Africa loses $80bn annually due to illegal financial outflow’

Former South African President Thabo Mbeki says the African continent loses about $80 billion to illicit financial outflows annually.

He spoke at the high-level African Union Panel on Illicit funds, in Abuja on Thursday.

Mbeki stressed the need for global collaboration against illicit capital outflows from Africa with the attendant negative effects on the development of the continent.

In her remarks, Minister of Finance – Hajiya Zainab Ahmed in a message said global partnership against illicit financial annual flows should lead to ease of repatriation of such funds.

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