Mbeki challenges African leaders on the illicit financial outflows from the continent

Former South African President Thabo Mbeki held talks with the Tanzanian President John Magufuli on the impact of illicit financial outflows in his country.

Mbeki chaired the African Union high level panel on illicit financial outflows panels. “a lot of African resources flow out of the continent illegally which ought to be retained on the continent”, he said.

Action is needed to be taken to stop the illicit flows out of the continent.

Africa loses about 80 billion dollars annually through illicit flows and the money is lost through many channels.

He decried that these outflows through corruption, mining, trafficking among others are costing the continent resources to build schools, roads, rural development, education and industries. He added that curbing illicit financial outflows will assist in availing resources to develop the continent.

He said, “the international community and institutions are called upon to assist Africa to punish those who are involved in illicit financial outflows.”

Mbeki was in Tanzania to follow up on how the country is performing in curbing the scourge since his panel was launched in 2012.

He has also challenged Africans to be involved in fighting corruption on the continent.

Meanwhile, Chairperson of the International Anti-Corruption Conference, Akere Muna has called on countries to implement the recommendations to address corruption.

Click video below to hear him: