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Illicit financial flows delay development …Says AFROPAC Boss

Jacob N.B.Parley
Grand Cape Mount County Senator, Edward Dagoseh
Grand Cape Mount County Senator, Edward Dagoseh

MONROVIA, LIBERIA-A Liberian lawmaker and current President of the African Organizations of Public Accounts Committees (AFROPAC)     is calling for stronger measures and collaboration in dealing with the threats posed by illicit Financial Flows.

Grand Cape Mount County Senator, Edward Dagoseh, noted that the issue of Illicit Financial Flows undermines national development in any meaningful society.

Senator Dagoseh further stated that Illicit Financial Flows contribute to the movement of capital at the cross-border levels and increase illegal activities, thereby undermining national development.

He highlighted several other negative practices that constitute Illicit Financial Flows, which, according to him must be handled with urgency through effective collaboration by stakeholders.

The President of the African Organizations of Public Accounts Committees (AFROPAC) named corruption, smuggling of minerals, sale of drugs and trafficking of people, political and economic insecurity, illegally hiding one’s income from tax authorities and tax evasion as well as financing of organized crimes as key obstacles to development.

Speaking to the Liberia Broadcasting System recently upon his return from the Cameroonian Capital, Yaoundé, Senator Dagoseh said Illicit Financial Flows also serve   as enemy to the realization of basic infrastructural improvement on grounds that   such unfavorable happening deprives many countries and their citizens of needed financial resources to enhance their growth and transformation.

He warned that unless urgent and concrete measures are taken by stakeholders, mainly national governments, achieving integrated development through people-based projects may be a failure.

At the conference, organized by the Good Financial Governance in Africa to promote good governance in the Public finance sector, Senator Dagoseh stressed the need for global arrangements that are built around strong international commitment, cooperation and rigorous actions among national governments, civil society institutions and the private sector.

He named collaborative efforts among countries in the context of critically analyzing financial transactions as one key way to tackle Illicit Financial Flows.

It can be recalled that the Liberian Senator and President of the African Organizations of Public Accounts Committees served as keynote speaker in Yaoundé, Cameroon, at the beginning of a three-day International Conference on Illicit Financial Flows.

The conference, under the theme: Tackling Illicit Financial Flows, an African Approach to a global approach to global phenomenon began on   Wednesday, 4th, May 2018.
The gathering was organized in collaboration with several institutions, for instance, the African Organization of Public Accounts Committees, Collaborative Africa Budget Reform Initiatives and the African Organization of Supreme Audit Institutions.

Statistics from global institutions, including the High Level Panel on Illicit Financial Flows, as well as media investigations show that on an annual basis, 50 billion United States dollars is estimated to be leaving Africa through Illicit Financial Flows from the Continent.

Besides the outlined factors, media investigation also indicates that the issue of Illicit Financial Flows poses serious threats to political security as well as economic and social development in Africa.

 


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