Africa lost between US1.2 and US1.4 trillion over three decades through illicit financial flows, says GIABA DG

Director General (GIABA) Dr. Abdullahi Shehu

The Director General of Inter-Government Action Group against Money Laundering in West Africa (GIABA) Dr. Abdullahi Shehu disclosed a study by African Development Bank (AFDB) has revealed that Africa lead the rest of the developing world, having lost between US1.2 and US1.4 trillion over the 30 year period 1980- 2009 through illicit financial flows.

Dr. Abdullahi Shehu was recently speaking at the opening ceremony of two day regional workshop on AML/CFT requirements for accountants at the Kairaba beach Hotel on Wednesday.

Meanwhile, the GIABA boss further stated that worldwide estimates of the amount of money laundered annually range between US700 billion and US1.8 billion, about 5% of the world GDP. A study by Kar & Freitas, also revealed that developing countries lost between US585.9 billion and US918.6 billion annually over a 10 year period from 2001 to 2010.