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Abstract

Curbing illicit financial flows (IFFs) can help African countries mobilize capital to finance the achievement of the Sustainable Development Goals and other national priorities. IFFs contribute to US$88.6 billion of capital flight per year from Africa. Reducing these outflows can increase the stock of capital available for businesses to build productive capacity and create jobs. Increased tax revenues can provide governments additional fiscal space to, for example, invest in infrastructure, spend on poverty reduction programmes, or assist citizens during emergencies, such as the 2020 coronavirus (COVID-19) pandemic. This policy brief examines IFFs in Africa, including how they contribute to capital flight and tax evasion. We then recommend specific actions governments can take to curb IFFs and use the proceeds to finance sustainable development.

Sustainable Development Goals:

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http://instance.metastore.ingenta.com/content/papers/10.18356/27082822-82
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  • Published online: 12 Jul 2021
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