NAIROBI, Kenya: Tax, trade and economy experts from the globe have reechoed their commitment to urge governments to be at the forefront of fighting Illicit Financial Flows (IFFs) in Africa.
Meeting in the Kenyan capital Nairobi at the 5th Pan African Conference on IFF and Tax, that opened last Tuesday, the over 500 delegates noted that addressing the challenge of Illicit Financial flows needs concerted efforts.
The event held at the upscale Crowns Plaza Hotel was organized by the Tax Justice Network Africa (TJNA) in collaboration with the United Nation Economic commission for Africa (UNECA).
Dr. Aida Opoku- Mensah, the Senior Advisor to the Executive Secretary on SDGs and Special Initiatives, EAC& Co- Chair of the IWG (UNECA) said IFFs are greatly linked to failure by most African States to achieve the Sustainable Development Goals (SDGs). “Studies have shown that IFFs undermine Domestic Resource Mobilization. All African states decided that they wanted a transformation agenda basing on four principal issues,” said Mensah.
She noted that among the key principles was for all nations to use their domestic resources to attain the SDGs. “There is need to make it so difficult for criminals to hide their looted cash in tax haven abroad,” she said.
She noted that Africa loses over $50billion on illicit financial flows. Alvin Mosioma, the TJNA executive director said the 5th PAC will mark a milestone in the existence of TJNA as they celebrate 10 years of existence. TJNA was establishment in 2007 at the World Social Forum in Nairobi.
Jane Nalunga the South Eastern Africa Trade Information and Negotiations Institute (SEATINI) Uganda told the participants that political will is very key in tackling IFFs. She called for collective efforts in fighting the vice that is threatening the African economy. Briggs Bomba from Trust Africa urged the Finance Intelligence Units in Africa to always share information as a means to addressing IFFs.