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ILLICIT FINANCIAL FLOWS IN AFRICA
The United Nations Economic Commission for Africa (ECA) has raised the alarm over Africa’s annual loss of an estimated $40 billion to illicit financial flows (IFFs) from the extractive sector, funds that could otherwise be channeled into infrastructure, education, healthcare, and job creation.
EFCC Chairman recommends blockchain, AI for tracking and recovering $88.6 billion stolen from Africa
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, has called for the use of blockchain technology and artificial intelligence to track and recover $88.6 billion stolen from African countries annually through illicit financial flows (IFFs).