The 10th meeting of the Conference of the Parties (COP10) to the UN Convention against Transnational Organised Crime (TOC) has highlighted the role illicit financial flows (IFFs) play impeding progress towards the sustainable development goals (SDGs), particularly in Africa.

The meeting took place alongside other COP10 meetings, of which perhaps the best known is concerned with the convention on biological diversity.

Destructive IFFs

Speaking at the TOC meeting, executive director of the UN Office on Drugs and Crime (UNODC), Ghada Fathi Waly, underlined the destructive nature of IFFs and called for more multilateral engagement to tackle IFFs and capture revenue to fund development needed to achieve the SDGs.

“Illicit financial flows are draining away vital revenues from Africa, undermining stability and hindering progress towards the sustainable development goals,” she says.

Explicit IFF target

Waly maintains that Africa’s vast potential and resources can only translate into development dividends, and into social and economic benefits for the people of Africa, if money and assets go where they belong and are not siphoned off.

“This priority is recognised by the SDGs, with [the] reduction of IFFs [an] explicit target under SDG 16 on peace, justice and strong institutions,” she points out.

Notable achievements

Waly describes some notable achievements by UNODC and its partners in the fight against IFFs but emphasised that more multilateral engagement was needed to strengthen regional and national networks and maximise their impact.

“We need all countries, our partners in Africa as well as transit and destination countries, to join this fight,” she concluded.

Categories: Trade Based Financial crimes News

Tags: Africa, COP10, IFFs, SDGs, UNODC