(PHOTO CREDITS: Courtesy THE STANDARD)
The Tax Justice Network Africa (TJNA) has warned of increased illicit financial flows from Kenya and Africa to other countries in the wake of the Covid-19 pandemic.The tax justice lobby group yesterday revealed that with the onslaught of the global coronavirus pandemic, there are concerns that the scale and scope of illicit financial flows (IFFs) facilitated by unscrupulous government officials and other non-state actors could be increasing. “While authorities focus on the pandemic, other actors should not be distracted. For African countries to stand on their feet economically and finance their own development, they need to seal the loopholes facilitating outflow of resources, at the same time encourage creative and innovative ways to finance the development agenda,” said Alvin Mosioma, the Executive Director TJNA. Mosioma, through a statement sent to newsrooms, pointed out that Africa is endowed with significant natural resource wealth and with good husbandry could finance its own development. He observed that there however exist illegal cross border movement of money and capital that threatens Kenya’s and the continent’s sustainable development and have been growing every year.
