Online Reporter
PAN African Parliament (PAP) president Chief Fortune Charumbira has amplified the call to curb illicit financial flows from Africa which remains an albatross on the continent’s sustainable development strides.
Speaking at the official opening of the fourth sub-committee on tax and illicit financial flows (IFFs) of the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration in Lusaka, the PAP president highlighted challenges negating Africa Agenda 2063 targets.
Chief Charumbira noted that reducing illicit financial flows looms large on the continent’s sustainable development goals.
The PAP president underscored the important role played by parliamentary institutions in curbing illicit financial flows.
“The sustainable development goals also identify the reduction of IFFs as a priority area. IFFs were also identified as a global priority area in the Addis Ababa Action Agenda (UN, 2015) on financing for development which calls for a redoubling of efforts to substabtially reduce IFFs, with a view to eventually eliminating them,” said Chief Charumbira.
He called for prioritisation and harmonisation of national, regional and international policy interventions to stem the tide of illicit and tax avoidance-related financial flows.
As a direct representative of African people, PAP is well disposed to deal with challenges that stymie the continent’s development especially the scourge of illicit financial flows.
The PAP standing committee on monetary and financial affairs has, according to Chief Charumbira,already developed a model double taxation agreement which was adopted by the continental body’s plenary.
The model provides a reference point for member states to draft, negotiate and renegotiate their existing tax policies.
It is estimated that between 1970 and 2008, Africa lost about $1,8 trillion through illicit financial flows.
The scourge of illicit financial flows beset Africa to this day, together with capital flight.
