To repatriate its stolen wealth and fight future illicit financial outflows, the Government of Ethiopia has applied to join the 199 member countries group. Over the past few decades tens of billions of dollars has left Ethiopia illegally, according to various reports. During that same period, Ethiopia’s illicit outflows were 1,355% of the foreign direct investment flowing into the country. A report by a high level panel on illicit financial flows from Africa estimated that illicit financial flows from Africa ranges from at least $30 billion to $60 billion a year. The major means of illicit financial outflows are trade misinvoicing such as, under-invoicing, corruption and kickbacks from grand mega government projects and contraband trade and money laundering, among others.

Source: News Business Ethiopia January 30, 2019 10:30 UTC