[Thread] A few ppl have asked me @PennyMordaunt tweet "Money lost from Africa in illicit flows & corruption is estimated to be more than the world’s combined aid spending & lending for that continent. Just think what that money could do!" Is it true?https://twitter.com/PennyMordaunt/status/1035784059258109952 …
(2) continent-wide comparisons not all that meaningful -- most of the big estimates relate to a few countries (3) IFFs are not all like 'aid in reverse' --offshored private assets &laundering criminal profits are different in terms of public finances to theft of public assets
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In short: this is not a massive misunderstanding of the estimates that exist, but its not all that meaningful either. It is an arresting factoid from a communications perspective but it risks creating unrealistic expectationshttps://globalanticorruptionblog.com/2016/01/20/waging-at-corruption-a-modest-proposal/ …
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'Just think of what the money could do!' isn't the right way to think about returned IFFs IMO: the legal processes takes too long & the sums returned are too small for this to be major source of investment finance. Attack IFFs to disrupt crime & corruption and prevent impunity.
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the estimates are sketchy & comparison with aid is not meaningful. On the other
crime & corruption are real & big: it is certainly right for the UK to act to prevent IFFs & return assets. Does it matter that these
s don't mean much? (2/)