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Mr. Edwin Harris, the Director-General of the ECOWAS Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Senegal, has called on African leaders to intensify their efforts in combating Illicit Financial Flows (IFF) in the region.
Speaking at the 11th-anniversary annual lecture of Realnews and investiture into the Realnews Hall of Fame in Lagos, Harris emphasized that IFFs pose a systemic problem that demands a comprehensive solution. He urged African leaders not to relent in their fight against this threat to sustainable development.
Harris highlighted that IFFs typically stem from corruption, criminal activities, and commercial endeavors. The United Nations Economic Commission for Africa (UNECA) High-Level Panel estimated that Africa lost over one trillion dollars in the past 50 years to IFFs, with an annual loss surpassing 50 billion dollars.
The director-general emphasized that Africa’s efforts to reduce IFFs must be proactive, firm, and unwavering. He stressed the need for collective action by stakeholders, including national authorities, the private sector, and civil society organizations, to dismantle the system extracting wealth from Africa.
Harris commended Realnews and other media outlets for their efforts in the fight against IFFs. The event also featured a panel discussion, where experts discussed the necessity of prioritizing the prevention of illicit fund movement from African countries and the establishment of clear policies to combat IFF in Nigeria. The induction of new members into the Realnews Hall of Fame, including key figures involved in the fight against IFF, marked the occasion.
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