(PHOTO CREDITS: Courtesy THE CAMPUS LADY MAGAZINE)
Even with immense Covid-19, there are concerns that the scale and scope of Illicit Financial Flows (IFFs) could be on the rise. While the authorities are busy focusing on the Coronavirus, the Media, Civil Society Organisations (CSOs), trade unions, academia and researchers should be focusing on exposing Illicit Financial Flows.
A multi collaboration between CSOs, Media and other key players, would help reduce the frequent attacks on civil society organisations. These attacks are equally holding back development progress in Africa. While those in the private sector expect a fair, clear and transparent tax and trade policies, they must do their part by ensuring their tax and trade practices comply with local laws.
Illicit Financial Flows are a significant threat to Africa’s Sustainable Development Goals (SDGs). It has slowed and destroyed the progress of African countries’ economies and contributed to the increase of insecurity and inadequacy to raise tax revenues.
Most developing African countries do not maximize the use of domestic resources not because they lack them, but due to the significant levels of Illicit Financial Flows that have reduced the ability to raise the required tax revenues. But with the help of trade union leaders, they will track trends and patterns of illicit financial flows leaving Africa, gather and disseminate the main findings of the report on the high-level panel on flows from Africa.
Otherwise, the Sustainable Development Goals in African developing countries is at risk. IFFs have posed multiple threats on SDGs agenda by consuming the much-needed tax base for public investment and social spending.
