Dar es Salaam, June 13 -- LLICIT Financial Flows (IFFs) remain one of the most pressing and destructive challenges facing Africa and the global economy today.

These illegal movements of money across borders often through tax evasion, corruption, money laundering, trade misinvoicing and criminal networks are bleeding developing nations of billions of dollars annually. While the damage is global, Africa bears a disproportionate burden.

According to the United Nations Economic Commission for Africa (UNECA), the continent loses over 88.6 billion US dollar every year through IFFs, an amount nearly equivalent to the total annual official development assistance it receives.

These funds, which could otherwise be invested in education, healthca...