SULAIMON OLANREWAJU writes on how illicit outflow of funds from Africa and Nigeria impedes the development of the duo.
While addressing the opening session of the 16th conference of the Committee of Intelligence and Security Services of Africa (CISSA) in Abuja last Thursday, President Muhamadu Buhari said Africa loses about $60 billion to illicit financial flows (IFFs) yearly.
Illicit financial flows are illegal movements of money or capital from one country to another. This can be in form of money laundering, the use of shell company to transfer proceeds of corruption to a bank account in another country or trade mis-invoicing to evade customs duties or payment of tax.
President…
Source: Nigerian Tribune
