'Transnational Crime Depriving Africa Of More Wealth Than It Gains Each Year'

Africa is losing a vast amount of its valuable resources to transnational organized crime, Kenya's president warned on Wednesday, emphasizing the need for immediate efforts to combat the menace.

"Our continent loses more wealth each year than it gains by at least $40 billion," Uhuru Kenyatta said at the 4th General Conference of African, Indian Ocean and East Africa Prosecutors in Kenya's coastal city of Mombasa.

Citing data from the UN Office on Drugs and Crime, he said illegal financial flows deprive Africa of roughly $88.8 billion each year, equivalent to 3.7% of the continent's gross domestic product.

He said the challenge of combating emerging transnational organized crimes, such as terrorism, corruption, drug trafficking, money laundering, counterfeiting and smuggling are being compounded as "criminal networks are utilizing advances in technology."

Kenyatta said African governments "must invest" in the fight against corruption and transnational organized crime.

"Criminal justice systems in Africa need a proactive approach on identifying, tracing, freezing, as well as confiscating funds and proceeds of crime and to remove the financial incentive and monetary benefits of crime," he added.​​​​​​​ -