At the on-going debate – the fourth session of the Pan African Parliament, in Midrand, Johannesburg, the European Union has committed to collaborating with Africa in stemming illicit financial flows from the continent.
An investigation into illicit financial flows from Africa was launched in 2015 in order to stem the usurpers of development funding so that the region would attend to the socio-economic challenges of the different countries and improve the lives of the people. This collaboration is therefore important as Africa loses 50-Billion US Dollars annually in illicit financial flows in form of tax evasion, money laundering, drug trafficking, and government corruption. Hence, development aids from developed countries, and especially from Europe, have yielded meagre results. The EU however attributes the menace to the lack of proper monitoring, which it intends to support the continent with.
Meanwhile, the union has proposed the opening of cross borders as one way of addressing some of the challenges of the Africa.