CSOs seek urgent action against the illicit financial flow

To checkmate increasing illicit financial flow across African countries, a coalition of civil society organisations (CSOs), on Thursday, called for the adoption of clear procurement governance frameworks that inculcate prudence and enhanced operational efficiency through accountability and transparency in the use and application of their financial resources to drive the transformation process

The coalition made up of the Civil Society Legislative Advocacy Centre (CISLAC) and State of the Union (SOTU) gave the advice in a statement to mark the 3rd African Anti-Corruption Day with the theme “Towards a Common African Position on Asset Recovery” in Abuja.

The CSOs said it is disheartening that corruption has led to the increase of Illicit Financial Flows from Africa, of which an estimated $50 billion is lost annually. 

They said this poses a great challenge as the recovery of stolen and illicit assets is a developmental issue impacting the achievement of Agenda 2063 and Sustainable Development Goals.

“The negative effect of corruption on the continent is clear for all to see and impacts negatively on the socio-economic capital of Africa,” they said. 

The coalition, however, reiterated the need for asset declaration for elected officials, senior public servants, and judges which should be in the public domain and open to the scrutiny of citizens.

“With the growing interest of Beneficial ownership disclosure across the continent, CISLAC prevails upon the Financial Action Task Force (FATF) standards to demand an expansion of the frontiers of our collective struggle for transparency and accountability and the promotion of policies and standards that insulate our financial systems from acts of money laundering. 

“Money-laundering crimes and tax evasion need to be stringently investigated and prosecuted by competent agencies and in line with FATF Standards. 

“Frivolous and fraudulent tax waivers to multi-national and African companies, especially in high net revenue sectors such as oil and gas, communication and construction, needs to be stopped,” they said.

CISLAC and SOTU also called on all national anti-graft agencies to be proactive by following up on the Suspicious Transactions Reports which banks and financial providers flag as potential money laundering cases.

“We urge all anti-corruption stakeholders in the fight against corruption in Africa to reflect on the challenges faced with asset recovery and chart an effective way forward.

“On our part, CISLAC and SOTU remain committed to monitoring the various AU treaties that African governments have signed onto to ensure effective implementation for the benefit of Nigerians and we implore all national stakeholders to do same respectively,” they remarked. 


Categories: Crime, Economy, Featured, Money, News, News Now

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