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The African Development Bank is an amazing turnaround story. The regional development bank was close to shutting down after losing its AAA credit rating in 1995 and, worse, squandering the confidence of its shareholders.
The African Development Bank estimates that illicit financial flows have drained in excess of a trillion dollars from Africa since 1980. These flows undermine the tax base, damage political institutions and exacerbate inequality. With major momentum behind global counter-measures, there are clear opportunities for progress at the regional level – including through stronger information exchange and cooperation, tax base harmonization and innovative uses of trade data.