Right to Development and Illicit Financial Flows from Africa: Dynamics, Perspectives, and Prospects

Illicit financial flows from Africa are a major obstacle to the continent's economic development and realization of the right to development. The book explores the dynamics and perspectives of illicit financial flows and their impact on resource allocations, poverty, corruption, and political instability. It highlights the theft of resources by multinational corporations and criminal networks as a threat to people-driven development and the Pan African vision of an integrated, prosperous, and peaceful Africa.

Format: Hardback
Length: 338 pages
Publication date: 15 February 2024
Publisher: Lexington Books

Illicit financial flows, a relatively new phenomenon, have emerged as a significant threat to the economic development of the African continent. These flows aim to impoverish Africa and hinder its progress. A direct correlation exists between illicit financial flows and the failure to achieve the right to development on the continent. For instance, in 2016, Africa received $41 billion in public development funds, while $50 billion was lost through illicit financial flows. This gap highlights the issue of resource allocation, as recent economic achievements on the continent are juxtaposed with widespread underdevelopment, poverty, corruption, prolonged economic crises, and political instability. The systematic theft of resources by multinational corporations and criminal networks poses a severe challenge to the concept of people-driven development, which aligns with the Pan African vision of an integrated, prosperous, and peaceful Africa as outlined in Agenda 2063.

Right to Development and Illicit Financial Flows from Africa: Dynamics, Perspectives, and Prospects offers valuable insights into the dynamics and perspectives of illicit financial flows and their detrimental effects on the right to development and development initiatives across the continent. It sheds light on the various factors contributing to these flows, including corruption, weak governance, and the lack of effective regulation. The book also explores the impact of illicit financial flows on poverty, inequality, and social unrest, highlighting the urgent need for concerted efforts to address these issues.

Furthermore, the book provides recommendations for policymakers, international organizations, and development practitioners to mitigate the impacts of illicit financial flows and promote sustainable development in Africa. It emphasizes the importance of strengthening governance, promoting transparency, and implementing effective regulations to prevent the misuse of public resources. The book also highlights the role of civil society organizations and the private sector in promoting accountability and transparency in financial transactions.

In conclusion, Illicit Financial Flows from Africa: Dynamics, Perspectives, and Prospects is a crucial resource for understanding the challenges facing the African continent in achieving the right to development. By providing insights into the dynamics and perspectives of illicit financial flows, the book offers valuable recommendations for addressing these issues and promoting sustainable development. It is a must-read for policymakers, international organizations, development practitioners, and anyone interested in contributing to the development of Africa.

ISBN-13: 9781666932300