UN, AU Lament Loss of $50bn to Money Laundering, Tax Evasion in Africa

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The United Nations (UN) and African Union (AU) have lamented an annual loss of $50 billion that oozed out of Africa through illegal funds, money laundering and tax evasion, among others.

Citing the rise of armed groups and international terrorist organisations such as Boko Haram in Nigeria, the bodies said more funds would be required in enforcing peace and countering terrorism in Africa.

These are highlighted in a communique they jointly issued Wednesday after the second annual UN-AU conference held in Addis Ababa, Ethiopia between July 9 and 10 to strengthen the relationship between the UN and AU.

Read the original article here: thisdaylive.com

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