Coronavirus will limit African authorities capacity to curb IFFs, other actors have roles

Civil society and the media have roles to play to stem illicit financial flows (IFFs) while African authorities are forced to focus on the coronavirus pandemic and its impacts according to the executive director of the Tax Justice Network Africa (TJNA).

Alvin Mosioma is concerned that IFFs will increase because the authorities are occupied on the measures they need to take to mitigate the negative social and economic impacts of the virus on African countries.

Civil society and media

“It is the role of the civil society to advocate for increased transparency around public revenues and expenditures. The media should also invest in improving their skills for in-depth investigations and expose abuses for action to be taken,” Mosioma says.

He is concerned that the IFFs used or facilitated by government officials and non-state actors could be increasing.

Global systems flawed

Mosioma says that African countries need to seal the loopholes facilitating outflows of resources and find creative and innovative ways to finance their development agendas by capitalising on their significant natural resource wealth.

The executive director, who argues that global financial and tax systems are rigged against African efforts to mobilise domestic revenue, also says trade unions should collaborate more in efforts to curb IFFs in Africa.

Categories: Trade Based Financial crimes News

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