The President of the African Organization of Public Accounts Committees has termed Illicit Financial Flows as impediments to national development, which contributes to cross-border movement of capital associated and coupled with illegal activities. According to Senator Edward Dagoseh of Liberia, illegal hiding of income from tax authorities or tax evasion and corruption, minerals smuggling, sale of drugs and trafficking of people and Political and economic insecurity or financing of organized crimes are major developmental hindrances.
The AFROPAC boss termed Illicit Financial Flows as nemesis which deprive nations of needed revenues to undertake infrastructure development and prioritize integrated community development projects. Senator Dagoseh made the assertions on Wednesday, May 24, at the Hilton Hotel in the Cameroonian Capital Yaoundé, when he delivered the keynote address at the start of the three day International Conference on “Illicit Financial Flows” held under the theme : “Tackling Illicit Financial Flows: An African approach to a global phenomenon”. The Grand Cape Mount County Senator said in order to stamp Illicit Financial Flows, countries need to cooperate to scrutinize financial transactions. He proposed a global action which must require strong international commitment, cooperation and concerted actions by countries, the private sector and civil society. The Conference is organized by the Good Financial Governance in Africa to promote good governance in the public finance sector. It is organized in collaboration with several institutions including the African Organization of Public Accounts Committees, African Tax Administration Forum, Collaborative Africa Budget Reform Initiatives and the African Organization of Supreme Audit Institutions. On behalf of the organizers of the Conference; African Tax Administration Forum (ATAF), Collaborative Africa Budget Reform Initiative (CABRI), African Organization of Public Accounts Committee (AFROPAC) and the African Organization of Supreme Audit Institutions (AFROSAI), Senator Dagoseh said: ‘’We are very grateful to the Government of Cameroon for hosting this all important International Conference, the logistics provided and the unlimited reception being accorded all delegates attending this conference”. About 50 billion United States dollars annually is the astonishing amount of money estimated to leave Africa as Illicit Financial Flows according to the Report of the High Level Panel on Illicit Financial Flows from Africa. The report says this poses a huge challenge for economic and social development as well as political security through tax evasion, money laundering and corruption on the African continent.