Illicit financial flows are a pervasive and rising problem, with consequences for socio-economic development, growth and stability. Approximately 60% of illicit financial flows stem from commercial transactions involving multinational enterprises, compared to only 40% from criminal activities, corruption and the theft of public funds. South Africa and African countries are increasingly concerned about the development effect of base erosion and profit shifting, as well as losing more tax receipts as a result of illicit financial flows.

The GEG Africa programme work in this area has focused on three core issues relating to illicit financial flows: beneficial ownership, country by country reporting and trade mispricing. Key stakeholder groups have been engaged with, to shift the terms of the debate and prompt policy innovation in national, regional, and continental contexts.