ABIDJAN, April 16 (Xinhua) -- The illegal transfer of capital from Africa has surpassed the mark of yearly 50 billion U.S. dollars, according to economist and banker Abdoulaye Bio Tchane.
Tchane, a former president of the West African Development Bank (WADB), was speaking Monday in Abidjan at the opening of a regional seminar on corruption and illegal transfer of funds.
"The average capital flight from Africa has risen to 50 billion dollars over the last 30 years," Bio Tchane said, citing the Global Integrity report.
"The 50 billion dollars corresponds to double the total amount of development aid that the entire sub-Saharan Africa receives in a year," he added.
"The money is always taken to the banks and off shore institutions in the developed countries," Bio Tchane said.
The regional seminar brought together 20 participants from state auditors, the finance ministries, customs departments, revenue authorities, public treasuries and anti-corruption commissions.
For two days, the participants will discuss the means and methods that should be adopted to end this scourge which negatively affects the economies of UEMOA member states (West African Economic and Monetary Union).
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