Billions lost by Africa in illicit outflows

22 July 2019 | Business

Illicit financial outflows have reduced Africa's tax revenues, undermined trade and investment opportunities, and deepened poverty on the continent.

This was said by the president of Nigeria, Muhammadu Buhari, during the 16th ordinary session of the Committee of Intelligence and Security Services of Africa (CISSA) held by the heads of African intelligence and security services in Nigeria last week.

In his keynote address Buhari, said more than US$50 billion had left the continent illegally in the form of tax evasion, bribery, corruption and cross-border smuggling, with large commercial corporations allegedly being the biggest culprits.

He said these clandestine activities are not recorded, which means there is no accurate data for African countries. The final communication issued by CISSA stated that the conference discussed the various means by which CISSA member states could support national, regional and continental efforts to combat illicit financial outflows such as tracing and recovery of illicit funds lodged outside the continent and the proper utilisation of these recovered assets for national development.

“A common thread that permeated throughout all the presentations was that Africa loses billions of dollars annually in illicit financial outflows, which have become a serious threat to the continent's sustainable development, governance as well as peace and security agenda. This threat also undermines Africa's efforts to combat terrorism and the attainment of Agenda 2063, inducing its flagship project of Silencing the Guns by 2020,” the statement read.

The conference also discussed social media as a threat and resolved to take necessary measures to analyse it while at the same time guaranteeing citizens' right to information.

The conference further took stock of the gains that had been made since its 15th conference held in Windhoek, in contribution to the building of a conflict-free African continent as per the African Union Master Roadmap of Practical Steps to Silence the Guns in Africa by the year 2020.

JEMIMA BEUKES

Similar News

 

Kärcher Centre Taurus opens its doors

1 day - 19 August 2019 | Business

Windhoekers have been in for a treat since the past Saturday when the first fully fledged Kärcher Centre in Southern Africa outside of South Africa...

Uganda, Zambia deny Huawei spying allegations

1 day - 19 August 2019 | Business

Kampala - Uganda and Zambia on Friday denied a report that employees of Chinese telecom giant Huawei had helped them spy on political opponents.The Wall...

Vetkoek court fight postponed

1 day - 19 August 2019 | Business

Yanna Smith - The High Court matter in which Namib Mills has sued Bokomo Namibia for “dishonest practises in industrial or commercial matters” was postponed...

Import VAT exemption on certain feed products

1 day - 19 August 2019 | Business

The Namibia Agricultural Union (NAU) approached the department of inland revenue to exempt certain animal feed products by Namibian farmers from import value-added tax (VAT)....

Company news in brief

1 day - 19 August 2019 | Business

Sasol delays results due to project glitchSouth Africa's Sasol Ltd delayed the release of its annual financial results on Friday due to possible "control weaknesses"...

The underexplored gold mine of public relations

4 days ago - 16 August 2019 | Business

Aurelia DavidPublic relations (PR) is a function of many facets and PR practitioners are expected to evolve along with the different technologies that they require...

Leading IT innovation

4 days ago - 16 August 2019 | Business

Mariselle Stofberg Vincent Weyulu is a picture of determination. At 26 years old has proven that age is just a number when you are determined...

An agent fighting against financial crime

4 days ago - 16 August 2019 | Business

Over the last few decades financial crime has increasingly become a concern to financial institutions. It has become widely recognised that the prevalence of economically...

Engineering sparks Kahima

4 days ago - 16 August 2019 | Business

Elizabeth JosephSarah Kahima’s choice of pursuing a degree in electrical engineering has a lot to do with what sparked an interest In her while she...

Illegal fuel restricts local development

4 days ago - 16 August 2019 | Business

The ministry of mines and energy has warned motorists against refuelling their vehicles with “illegal fuel” as it hampers economic development.The ministry’s acting economist in...

Latest News

Kärcher Centre Taurus opens its...

1 day - 19 August 2019 | Business

Windhoekers have been in for a treat since the past Saturday when the first fully fledged Kärcher Centre in Southern Africa outside of South Africa...

Defence spends half a billion...

1 day - 19 August 2019 | Economics

The ministry of defence spent about N$491.7 million for three consecutive financial years without the approval of Treasury.This is in direct contravention of the State...

Daily grind

1 day - 19 August 2019 | Labour

Even though most of Namibia's more than 72 000 domestic workers earn above the minimum N$1 502 a month, close to 80% of them say...

Corpses rot in homes

1 day - 19 August 2019 | Health

Unregistered deaths, including infant mortalities, and corpses being left to rot in homes over weekends, are just some of the challenges being faced by the...

Young mom hacked to death

1 day - 19 August 2019 | Crime

A 23-year-old woman was brutally murdered this past Friday in Kavango West, allegedly by her long-time boyfriend, who hacked her to death with an axe...

It was tough - Tomas

1 day - 19 August 2019 | Sports

LIMBA MUPETAMI Namibian long-distance runners Rainhold Tomas and Alina Armas are the winners of the 19th edition of the Old Mutual Victory Race in the...

Uganda, Zambia deny Huawei spying...

1 day - 19 August 2019 | Business

Kampala - Uganda and Zambia on Friday denied a report that employees of Chinese telecom giant Huawei had helped them spy on political opponents.The Wall...

Vetkoek court fight postponed

1 day - 19 August 2019 | Business

Yanna Smith - The High Court matter in which Namib Mills has sued Bokomo Namibia for “dishonest practises in industrial or commercial matters” was postponed...

Import VAT exemption on certain...

1 day - 19 August 2019 | Business

The Namibia Agricultural Union (NAU) approached the department of inland revenue to exempt certain animal feed products by Namibian farmers from import value-added tax (VAT)....

Load More