Stop the Bleeding, an african Campaign to Curb Illicit Financial Flows from Africa
Africa loose massive financial resources, about U$$50 billion each year through Illicit activities of multinational companies and rich individuals. These resources, if retained in the continent could be invested in productive sectors of these economies to lift the Africa’s growing population from under-development and poverty.
According to the African Union?Economic Commission for the Africa High Level Panel on Illicit Financial Flows from the Africa report, the contient lost about one trillion dollars (US$ 1 trillion) between 1980 and 2008. Other estimates are even higher.
The multiplier effects of these are much larger. IFFs from Africa in real terms mean loss of jobs, income, decent education, health facilities and other basic infrastructure critical to structurally transform the economy of countries in Africa and the socio-economic conditions of Africans.
According to the High Level Panel’s report the major actors in IFFs from Africa are multinational companies especially those operating in Africa’s extractive sector, mostly in oil, gas and mining. These activities pose a major threat to development and security across the contient. The HLP report recommends 15 solutions African countries must implement to curtail IFFs from Africa.
It is against backdrop that the interim Working Group (IWG) comprising six Pan-African organisations namely Tax Justice Network-Africa (TJN-A), Third World Network-Africa (TWN-Af), AFRODAD, FEMNET, ITUC-Africa and Trust Africa supported and joined by the platform on Illicit Financial Flows. Dubbed “STOP THE BLEEDING” the lauch will take place on June 25, 2015 in Nairobi, Kenya.
The main goal of the campaign is to stop the IFFs from Africa. The aim of the launch is to implement one Africa Campaign is to stop IFFs that is led and driven by African civil society organisations with support from other partners including international non-governmental organisations (INGOs). As such as the Campaign platform will involve the major Pan-African groups and will be led by TWN-Af. As a follow up to the public launch of the Campaign in June, a side event will be held on the margins of the upcoming 3rd Financial for Development Conference (FfD3) in July in Addis Ababa, Ethiopia.