Corruption in Africa

It was in July 2003 when the African Union Convention on Preventing and Combating Corruption was adopted in Maputo to fight against corruption in governments and prevent illicit financial flows on the African continent. However ever since, little progress is achieved to eradicate financial crime on African countries. It is estimated that the continent loses an estimated 50 million dollars a year to illicit financial flows. South Africa has lost more than one-point-five-trillion-rand in illicit financial flows over a period of ten years. This is according to the Chairperson of Parliament’s Standing Committee on Finance Yunus Carrim who has welcomed the gazetting of the Financial Intelligence Centre Amendment Act. The legislation seeks to curb financial crime including money laundering and scrutinise suspicious banking transaction. To help us analyse the situation we have• Leanne Govinsamy – Head of Legal and investigations at Corruption Watch • Jeggan Grey Johnson, Open Society Initiative of Southern Africa