(PHOTO CREDITS: Courtesy THE STAR)
With the onslaught of the global coronavirus pandemic, there are concerns that the scale and scope of Illicit Financial Flows (IFFs) could be increasing. While authorities focus on the pandemic, other actors should not be distracted.
Tax Justice Network Africa has embraced innovation to remain on course and will be hosting a virtual capacity building activity for tax justice advocates in Africa. Themed Tax Justice Advocacy: increasing participation of Civil society organisations and journalists through capacity building, the 7th edition of the International Tax Justice Academy brings together participants from the entire continent drawn from the civil society, media, trade unions and academia.
Africa is endowed with significant natural resource wealth, and with good husbandry, could finance its own development. There, however, exist illegal cross-border movement of money and capital that threaten the continent’s sustainable development and have been growing every year. If there has been a growing recognition of the threat that IFFs poses on the continent’s integrity and stability of its financial system in normal times, how about during a pandemic?
Africa is home to the world’s largest arable landmass, second-largest and longest rivers (the Nile and the Congo), and second-largest tropical forest (the Congo basin). According to a study by the African Development Bank Group, the total value added of its fisheries and aquaculture sector alone is estimated at USD 24 billion. In addition, about 30 per cent of all global mineral reserves are found in Africa.
