Jan 27 2017

Accelerating the IFF Agenda for African Countries

Accelerating the IFF Agenda for African Countries
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Illicit financial flows (IFFs) are a large and growing problem for the African continent, with upwards of $70 billion in IFFs leaving the continent annually.1 African governments, intergovernmental organizations, industry, and civil society have come to understand the severity of the problem over the past few years.

The following list of actions are meant to address some of the first steps in addressing IFFs. These actions are foundational, involving measures that can either be undertaken more quickly and easily in some countries where some of the processes and commitments may already be underway or measures that lay the groundwork for later reforms. The result is an Accelerated IFF Agenda that governments can use as a place to begin their work to tackle IFFs in their own countries, leading to greater domestic resource mobilization and growth, resources which will be critical in making progress on the Sustainable Development Goals of the 2030 Agenda for Sustainable Development, and the African Union’s Agenda 2063, the Addis Tax Initiative, and the Africa Mining Vision.

In considering the items on the Accelerated IFF Agenda, it is important to remember two things. The first is that this should not be seen as an all-or-nothing agenda. Each of these measures is important in its own right and can be implemented independently of others, and governments may want to consider ways to phase in certain actions. For example, requiring country-by-country reporting of all multinational companies operating in the country is one option, but a government could instead require it only of companies operating in the extractive industries or in construction. Second, public involvement in helping achieve many of these aims can be of great benefit. For example, a team of computer science students at a university might be able to assist in the creation of an online registry for corporations. Civil society organizations, academics, the country’s youth, and other parts of society want to help tackle IFFs for the good of their countries and their futures. Working with them can multiply the effectiveness of many of the government’s efforts, as well as building confidence with donors, investors, and citizens.

Read 7848 times Last modified on Thursday, 20 April 2017 12:10

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