Illicit financial flows are emerging as a major challenge for Africa, with a prominent economist warning the continent stands to lose up to $1 trillion over the next decade.

Dr. Konstantinos Berhe Tesfa, an expert in financial security, highlighted the growing concern in an interview with EBC. He noted that individuals are frequently being apprehended with millions of dollars in suspected illegal funds, a problem that has become a "headache" for many African nations.

“The money generated from these illicit activities is often used to fund terrorism and other destructive agendas, making preventative measures a top priority,” Dr. Konstantinos stated.

He called for a concerted effort to strengthen institutions and enhance expertise in financial security. He also advised the public to exercise caution when conducting digital money transfers to protect themselves from financial threats.

Dr.Konstantinos underscored the critical role of the media in exposing crimes and educating the public. He concluded that Ethiopia’s recent hosting of the Eastern and Southern Africa Anti-Money Laundering Task Force meeting was a significant step toward tackling the pervasive issue.