Two European countries (Italy and Germany) along with Kenya and the OECD have signed a Declaration of Intent to launch the pilot Africa academy programme for tax and financial crime investigation which aims to strengthen the capacity of investigators in tackling illicit financial flows (IFFs).

According to the Report of the High Level Panel on Illicit Financial Flows from Africa, commissioned by the African Union entitled Track it! Stop it! Get it!, Africa losses $50bn per year due to IFFs.

“[IFFs] all thrive in a climate of secrecy, inadequate legal frameworks, lax regulation, poor enforcement, and weak inter-agency co-operation,” the OECD said in an announcement. “Technology and an increasingly borderless world has also facilitated globalised financial crime, creating further challenges for those charged with investigating and prosecuting such crimes.”

The pilot programme which will run from June to July at the Kenya School of Monetary Studies in Nairobi, will cover all aspects of conducting and managing financial investigations.

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