News and Ideas (16)
Enhancing Convergence of the Media and Civil Society in Collaborative Efforts towards Combating IFFs from AfricaWritten by Fatou Published in Conference Read 422 times
TrustAfrica is currently hosting a ‘Meeting on Enhancing convergence of the media and civil society in collaborative efforts towards combatting Illicit Financial Flows from Africa’, taking place in Addis Ababa, Ethiopia, on 28th and 29th June 2018, and in collaboration with Thomson Reuters Foundation (TRF) and the United Nations Economic Commission for Africa (UNECA).
Africa loses an estimated $60 billion every year through Illicit Financial Flows (IFFs). Defined by the Global Financial Integrity as “money that is illegally earned or transferred”, this enormous hemorrhage of financial resources from the continent severely undermines Africa’s capacity for domestic resource mobilization (DRM) leaving African countries with no resources to finance development. The majority of these IFFs originate from tax evasion and tax avoidance practices perpetrated by multi-national corporations (MNCs), particularly those involved in the extractive sector. In the last 3 decades cumulative losses from the continent amount to over $1 trillion. Thus, effectively IFFs deprive countries of public revenues that could be used to address poverty and inequality.
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The Conference on Promoting International Co-operation in TCombating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development was held in Abuja, Nigeria from 5 – 7 June, 2017. The Conference was organized under the auspices of the Presidential Advisory Committee Against Corruption (PACAC) in collaboration with the Federal Ministry of Justice and Ministry of Foreign Affairs.