AFRICA is losing some US$460 billion (RM1.46 trillion) annually as a result of money laundering, studies have indicated and the issue has become an obstacle to the continent’s development, security and democracy.
This was disclosed here Thursday at a forum to discuss the impact of money laundering and its possible solution, organised by the Ethiopian International Institute for Peace and Development, in collaboration with the Frederic Albert Foundation.
The forum stressed the need for African governments to build a system that encourages public participation, transparency and accountability.
Studies presented at the forum indicated that the continent had lost between US$854 billion and US$1.8 trillion to money laundering over the past 39 years.
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