Illicit financial flows

Illicit outflows: no end without global cooperation

Addis Ababa: The recently concluded conference on development finance was remarkable. It was a platform to raise concerns, to debate on issues and to propose suggestions.  A consortium of civic associations took this opportunity to raise their voices on major issues that are crippling developing countries - illicit financial outflows and tax avoidance by multinational companies (MNCs).

ITUC-Africa Human and Trade Union Rights Network: statement on illicit financial flows

Abuja: African trade union leaders from 25 African countries gathered here in Abuja, Nigeria for the past two days (27-28 July)  to discuss some critical and urgent issues affecting workers, families and communities across Africa with the view to contribute practical suggestions to them. Some of these issues include: halting Illicit Financial Flows from Africa in the context of the quest to mobilize domestic resources to finance Africa’s structural transformation.

UN General Assembly endorses the Addis Ababa Action Agenda

New York: The General Assembly [Monday] adopted a resolution endorsing the Addis Ababa Action Agenda of the Third International Conference on Financing for Development, a “new global framework” that many said would strengthen cooperation in technology, infrastructure and social protections that were key to realizing inclusive sustainable development.

How the world can put a stop to illicit financial flows

Washington: Under the weight of great expectations and the glare of television cameras, delegates gathered last week for the Third International Conference on Financing for Development in Addis Ababa. Global leaders, civil society and private sector representatives exchanged ideas on financing the ambitious Sustainable Development Goals. The conversation represented a paradigm shift in how we think about development.

Tax incentives denying Kenya money it needs to improve livelihoods

Nairobi: Kenya is bleeding. Between 2002 and 2011 East Africa’s economic powerhouse is estimated to have lost at least Sh151 billion ($1.51 billion) to trade misinvoicing — deliberate cheating by companies on how much goods and services they have sold abroad.  That is three times Kenya’s national health budget or equivalent to about 8.3 per cent of the government’s total revenue. Companies often misinvoice to evade taxes, avoid customs duties, transfer a kickback or launder money.

New campaign to boost tax compliance in Africa

Kigali:  A new campaign to stop Africa from ‘bleeding’ is to be launched today in Nairobi by the Tax Justice Network-Africa (TJN-A), a coalition of researchers and activists focused on the harmful impacts of tax avoidance, tax competition and tax havens.  The ‘bleeding’ is symbolic of a $50 billion, which is the minimum that the continent is estimated to lose every year in Illicit Financial Flows (IFFs), as recently reported by a high level panel chaired by former South African President Thabo Mbeki.

Illicit financial flows and development indices: 2008–2012

Washington: Illicit financial flows, stemming from crime, corruption, and tax evasion, have an outsized impact on the world’s poorest countries, according to a new study released by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization.

African countries urged to pay attention to domestic resource mobilization

Abidjan: African countries have been asked to look within themselves to mobilize resources for development because the resources are available. During “The Future of Financing for Development in Africa” session at the 50th Annual Meeting of the African Development Bank in Abidjan, Côte d’Ivoire, Monday, May 25, 2015, two of the speakers reiterated the need for African countries to develop the capacity to mobilize resources locally instead of looking to raise financing for development from outside their countries.

The United Nation’s new app to track huge illicit cash transfers

Nairobi:  Kenya could soon get a breakthrough in monitoring the movement of illegal cash shipped out of the county by multinationals through a new tracking tool developed by the United Nations. The new application could see Kenyans follow all international payments exceeding a specified threshold on the Illicit Financial Flow Web tracker developed by the UN’s Economic Commission for Africa (ECA).  The commission is based in Addis Ababa, Ethiopia.

Johannesburg conference links human rights, financial transparency

Johannesburg: International and African experts on human rights and illicit financial flows are convening in Johannesburg, South Africa this week for a multi-day conference on the linkages between financial transparency and human rights in Africa.

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