The Civil Society Legislative Advocacy Centre (CISLAC) yesterday issued a strong call for an immediate action to tackle the pervasive issue of illicit financial flows (IFFs) in Africa.

This call was made during the launch of the CISLAC report titled “Shadow Networks: The Enablers of Illicit Financial Flows in Sub-Saharan Africa Jurisdictions” by its Executive Director, Musa Rafsanjani, on the sidelines of the United Nations General Assembly (UNGA) in New York, United States.

The report highlights the key enablers of IFFs and presents comprehensive recommendations to combat this growing problem.

Rafsanjani emphasised the devastating impact of IFFs on African economies, particularly in Nigeria. He noted that billions of dollars that should be allocated to critical sectors like education, healthcare, and infrastructure are instead funneled out of the continent through clandestine networks.

The report underscores that the enablers of IFFs are not only found within financial institutions but also in non-financial sectors. Lawyers, real estate agents, customs officials, and corporate service providers were identified as key actors, knowingly or unknowingly facilitating the laundering of illicit funds.

According to the report, these actors provide a veil of legitimacy, allowing illegal funds to blend seamlessly into legitimate economy.