Tag: Illicit Financial Flows

Illicit Financial Flows (IFFs) refer to the illegal movements of money or capital from one country to another. These flows often stem from activities such as tax evasion, corruption, money laundering, and the proceeds of crime. IFFs can undermine economic development, facilitate organized crime, and reduce government revenues, depriving countries of essential funds for public services and infrastructure. They typically escape regulatory oversight, making it difficult for authorities to track or recover the lost funds. Addressing IFFs is crucial for promoting transparency, accountability, and sustainable development, as they often reflect larger systemic issues within financial systems and governance.

Generate a realistic high-definition image of a male administrative figure standing behind a podium. He is engaging in a tech conference, advocating the use of blockchain technology and artificial intelligence to thwart illegal financial activity in Africa. The podium is adorned with the emblem of a financial regulation institution, and the background consists of a big, largely visible map of Africa.

EFCC Chairman Advocates Blockchain and AI to Combat Illicit Financial Flows in Africa

Olivia Cohen

Africa loses a staggering $88.6 billion annually to illicit financial activities, as reported by Mr. Olanipekun Olukoyede, the head of Nigeria’s Economic and Financial Crimes Commission (EFCC). At the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted this hemorrhage as a critical issue impeding the progress and stability of the continent. Olukoyede’s proposed […]

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Create a realistic, high-definition image that represents the concept of emerging technologies playing a crucial role in preventing illicit financial flows in Africa. The image could depict a secure digital financial system, the African continent illuminated by a network of digital lines to represent connectivity and cybersecurity measures, and possibly a shield symbol to represent security and protection against illicit activities. Visualize this in a modern, technology-inspired style.

Emerging Technologies Key to Thwarting Illicit Financial Flows in Africa

Quincy Bartstow

The EFCC’s fight against illegal financial activities in Nigeria is taking a tech-forward approach as the agency’s Secretary, Olanipekun Olukoyede, underscores the potential of blockchain and AI in combatting crime. Nigeria and the broader African continent grapple with an annual loss of $88.6 billion due to illicit financial flows, a sum that could otherwise fortify […]

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