The African Union, in an August 2025 report, estimates that illicit financial flows (IFFs) cost countries in Africa $88 billion per year. IFFs are illicit or illegal funds derived from criminal activities and/or illegal tax practices that are moved or transferred across countries, including international trade manipulations (the most common), tax evasion, smuggling, government corruption, and money laundering. Nearly half of these losses come from the ‘extractive sector,’ mostly mining. IFFs are fundamental drivers of economic injustice, and enormously undermine…
Illicit financial flows cost Africa $88 billion annually
