African conference on IFFs and taxation focuses on coronavirus impacts
The 8th Pan Africa Conference on Illicit Financial Flows and Taxation held in the Ghanaian capital, Accra, focused on the impact of the coronavirus pandemic and on the urgent need for African countries to optimise public revenues from their natural resources. If managed well, the…
UN agencies finalise framework to measure illicit financial flows
The United Nations Conference on Trade and Development (UNCTAD) and the United Nations Office on Drugs and Crime (UNODC) have finalised a conceptual framework for the statistical measurement of illicit financial flows (IFFs). Pilot projects are either underway or due to commence soon using the new framework…
Kenya broadcasts IFF-focused radio programmes
Transparency International Kenya (TI-K), Global Financial Integrity (GFI) and Haki Yetu, a Kenyan NGO focused on human rights have broadcast three radio shows discussing the impact illicit financial flows (IFFs) have had on Kwale County in southern Kenya. The county has witnessed consistent opposition to…
Fight against corruption and IFFs key plank in South Africa’s economic recovery plan
South African President Cyril Ramaphosa has said his government is intensifying its fight against corruption and illicit financial flows (IFFs) as an integral part of its plans to revive the country’s economy in the wake of the coronavirus pandemic. In an address outlining the country’s…
UNCTAD and ZRA mineral tracking tool now available for other countries
A mineral tracking system employing a data evaluation tool designed by the United Nations Conference on Trade and Development (UNCTAD) and the Zambian Revenue Authority (ZRA) helped Zambia recover an additional US$1 million in export dues from mining companies in one year. The system, which…
COP10 focus on role IFFs play impeding progress towards SDGs
The 10th meeting of the Conference of the Parties (COP10) to the UN Convention against Transnational Organised Crime (TOC) has highlighted the role illicit financial flows (IFFs) play impeding progress towards the sustainable development goals (SDGs), particularly in Africa. The meeting took place alongside other…
Ethiopia issues new currency notes to choke illicit financial flows
The Ethiopian government has issued a higher denomination banknote as part of its efforts to address the problem of significant illicit financial flows (IFFs) out of the country. The new note, alongside more secure versions of notes in existing denominations, also aims to reduce the…
Trade-based financial crime and misinvoicing in Albania, Kosovo and North Macedonia
A new report from the Global Initiative against Transnational Organised Crime has found significant evidence of trade-based financial crime in Albania facilitated by misinvoicing. Illicit Financial Flows in Albania, Kosovo And North Macedonia looks at illicit financial flows (IFFs) all three of the Balkan states. The…
WBG officials call for more focus on those who receive bribes and other proceeds of corruptions
The World Bank Group (WBG) has recognised that the response to the coronavirus crisis is likely to increase corruption risks and practices that contribute to illicit financial flows (IFFs), and may also introduce new risks according to two senior WBG officials. Giuliana Dunham Irving and Ryan…
UNCTAD publishes extensive report on IFFs out of Africa
The United Nations Conference on Trade and Development (UNCTAD) has published an extensive study into illicit financial flows (IFFs) out of Africa that it estimates to amount to around US$89 billion annually. The report argues that IFFs are a shared responsibility between developed and developing…
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