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ECA, partners to tame illicit financial flows from Africa

As illicit financial flows from Africa grows from $50 to $60 billion every year, the  Economic Commission for Africa (ECA) will be meeting with its partners to develop new action plans to tame the scourge.

In a press release issued Friday, ECA said it will host a validation workshop in Nairobi, Kenya with its partners next week, to, among other things, establish a clear work plan and deliverable actions for the core group and Consortium of Stakeholders working to confront the IFF challenge on the continent.

The workshop, it said, scheduled from November 21-22, 2016 would also seek to review and endorse the draft terms of reference of the Consortium which will oversee the implementation of the anti-IFF Project Document and ultimately stem the growth of IFFs from Africa.

Participants will also review and endorse the Project Document that forms the basis of the anti-IFF project on the continent.

The workshop will bring together representatives from the African Union Commission (AUC), the ECA, the African Development Bank (AfDB), the Thabo Mbeki Foundation, Open Society Foundation and others  forming the core group of the Consortium to stem IFF from Africa, it added.