African Union seeks to curb illicit financial flows

By Davison Vandira
ZIMBABWE is hosting the African Union first Sub-Committee on Tax and Illicit Financial Flow conference in Harare, with an overall objective to curb economic ills to achieve sustainable development on the continent.
Specialised tax and financial delegates drawn from across African countries are meeting in Harare for an extensive three-day engagement to streamline financial processes to protect the African economy from the detrimental effects of tax evasion and avoidance through illicit financial activities.
Addressing delegates at the official opening of the African Union conference on Tax matters and Illicit Financial Flows, Deputy Minister of Finance and Economic Development, Honourable Clemence Chiduwa highlighted the significance of having effective and efficient financial policies that should be easily administered.
“Inefficient tax policies have hindered governments to adequately mobilise resources for proper planning and development of our economies, therefore this subject is of common interest to us all and we need to be vigilant to deal with these issues,” said Deputy Minister Chiduwa.
The economic impact of illicit financial flows has become an albatross to Africa’s development, with an estimated nine billion United States dollars lost through these nefarious activities.
“As Africa we are economically behind due to the devastating effects of these economic ills which are threatening our livelihoods as such we are now committed to overcome these economic challenges by doing the right things,” said Ambassador Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry, and Mining in the African Union Commission.
The socio-economic well-being of the African continent will be centered on proper resource mobilisation, management and deployment of financial resources towards the collective African target of agenda 2063.

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