Liberia: "U.S.$20 Million Lost to Illicit Money"

Nov 21, 2014 | Keith Morris, Liberian Observer
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A research report released yesterday on the Liberian economy shows that an estimated US$20 million is lost annually due to illicit financial flow (IFF).

According to the report author, Institute for Research and Democratic Development (IREDD), illicit flow of money particularly in the extractive industry, has crippled the economy as "evidence by the government fight against the Ebola virus."

Presenting the report on Wednesday in Monrovia, IREDD executive director Harold M. Aidoo said corruption and bribery have been pinpointed as two of the main vices that cushion illicit financial flows (IFF) within the extractive sector. The research findings point to unsettling IFF-related cases of corruption and bribery affecting all sectors of the extractive industry.