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AFROPAC Boss Tells International Conference
The head of the African Organization of Public Accounts Committees (AFROPAC) has said illicit financial flows are serving as impediments and hindrances to national development.

It is contributed to cross-border movement of capital associated and coupled with illegal activities. Senator Edward Dagoseh (Liberia) named illegal hiding of income from tax authorities or tax evasion and corruption, minerals smuggling, sale of drugs and trafficking of people and political and economic insecurity or financing of organized crimes as major developmental hindrances.

Addressing an international conference recently in Yaoundé, Cameroon, the AFROPAC boss also termed illicit financial flows as nemesis which deprive nations of needed revenues to undertake infrastructure development, and prioritize integrated community development projects.

The three-day International Conference on “Illicit Financial Flows” was held under the theme: “Tackling Illicit Financial Flows”: An African approach to a global phenomenon.

The Conference was organized by the Good Financial Governance in Africa to promote good governance in the Public finance sector. The Senator from Grand Cape Mount County said there was a need for countries to cooperate to scrutinize financial transactions in order to stamp the Illicit Financial Flows.

He proposed a global actions which must require strong international commitment, cooperation and concerted actions by countries, the private sector and civil society.

It is organized in collaboration with several institutions including the African Organization of Public Accounts Committees, African Tax Administration Forum, Collaborative Africa Budget Reform Initiatives and the African Organization of Supreme Audit Institutions.

“We are very grateful to the Government of Cameroon for hosting this all important International Conference, the logistics provided and the unlimited reception being accorded all delegates attending this conference,” he said on behalf of the organizers of the Conference.

They include African Tax Administration Forum (ATAF), Collaborative Africa Budget Reform Initiative (CABRI), African Organization of Public Accounts Committee (AFROPAC) and the African Organization of Supreme Audit Institutions (AFROSAI).

About US$50bn annually is the astonishing amount of money estimated to leave Africa as Illicit Financial Flows according to the report of the High Level Panel on Illicit Financial Flows from Africa.

The report says this poses a huge Challenge for economic and social development as well as political security through Tax evasion, money laundering, Corruption on the African Continent.

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