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Illicit financial flows are a major drain on Africa’s resources for development. International coordination is needed to slow the flow of stolen assets.

Marrakesh, 14 October 2014 (ECA) – Last week, Teodorin Nguema Obiang, the second vice president of oil-rich Equatorial Guinea, was ordered by a US court to sell $30 million worth of property, including luxury cars, real estate and his collection of Michael Jackson memorabilia. The US believes that Obiang, the son of Equatorial Guinea’s president, obtained the money through the proceeds of corruption.

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