This white paper focuses on the understanding of illicit financial flow, its impact within the African continent ( Using Ghana and Tanzania as case studies), the policies implemented by the respective countries to resolve or limit the issue. At last, a set of policies that are believed to be efficient in the limitation of illicit financial flows are proposed .
Africa is the most affected continent in the world in relation to illicit financial flows. Over the last fifty years the continent is believed to have lost an estimated of $1 trillion in illicit financial flows. Today, the impact are strongly felt in the economy, political atmosphere and social construct in many countries.
By assessing what Ghana and Tanzania have done in regard to illicit financial flows, I propose that a focus on accountability and transparency are extremely important to effectively tackle the issue, as well as investing in new complex computerized system which would enable a better assessment of illicit and licit financial transactions.