Namibia hosts World Customs Organization meetings to tackle illicit financial flows

0
Illicit financial outflows
Illicit financial outflows

The Namibia Revenue Authority (NamRA) highlighted the concerning level of financial illicit flows originating from Africa during the 39th Regional Steering Group and 30th Governing Council Meetings of the World Customs Organization East and Southern Africa, which took place on Monday in the Namibian capital of Windhoek.

Speaking at the event, NamRA Commissioner Sam Shivute underscored the unacceptable reality that capital continues to flow out of the continent, hindering its development while benefiting other regions.

“There is a lot of financial illicit flow coming out of Africa. Three independent sources are giving us evidence that our continent, despite being endowed with mineral and natural resources, sees money or capital continue to flow out to develop other continents, and this is not acceptable,” Shivute said.

Mis-invoicing, tax evasion and corruption are primary drivers of illicit financial flows, Shivute added.

He stressed the imperative for action, asserting that Namibia and Africa as a whole must take decisive measures to eliminate illicit financial flows.

According to Shivute, 12 African countries have initiated a pilot project aimed at determining and measuring the annual losses incurred by each country.

The agenda of the meetings will focus on the implementation of a regional strategy and address various policy matters critical to regional development.

Send your news stories to newsghana101@gmail.com Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here