Illicit financial flows (IFFs) such as tax evasion are a major policy challenge for developing and emerging economies, in particular as the COVID-19 pandemic has drained domestic resources. IFFs pose a major threat to many developing and emerging economies, as they undermine domestic resource mobilisation efforts. The United Nations Conference on Trade and Development (UNCTAD) is leading a project on measuring trade-related IFFs in 11 African countries. In 2020, UNCTAD estimated that Africa loses about US$ 88.6 billion per year in illicit capital flight.

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