Channels of corruption in Africa: analytical review of trends in financial crimes

Purpose - The purpose of this paper is to identify and analytically review the trends of financial crimes as channels of corruption that impact the development process and economic progress in Africa. Design/methodology/approach - This paper outlines the trends in financial crimes by compiling statistics derived from a scan of the publicly available survey and other published data related. Findings - The financial crimes of embezzlement and theft, bribes and kickbacks, money laundering and illicit financial flows and state capture are all channels of corruption that are prevalent in Africa with significant negative effects on the continent’s socio-economic development progress. The magnitude of these crimes has been trending upward with the resultant effect that corruption continues to have significant negative impacts on Africa’s current and future development prospects. To develop policies to minimise these negative effects, it is necessary to quantify and continuously monitor the magnitude of these various corruption channels. Originality/value - The main value of the study is the insights it provides on the nature and extent of the trends in financial crimes as channels of corruption in Africa, and the resultant negative impact on socio-economic development in the region.