7 African countries partner with US to combat illicit finance


By Nation Reporter

SEVEN African countries have partnered with the United States of America to block financial linkages which cost the African continent more than US$50 billion annually.

Countries in the partnership are Burkina Faso, Senegal, Kenya, Liberia Mauritius and Sierra Leone.

Under the partnership, these countries would be developing and implementing tailored national action plans to combat illicit finance.

These plans would guide country-specific action to fight illicit finance stemming from corruption and other crimes, and will reinforce efforts to build developing countries’ capacity to mobilize domestic resources and attract private sector investment.

Members of the Partnership on Illicit Finance (PIF) met alongside the just ended African Development Bank to publish national action plans to combat illicit finance.

Senegal minister of finance Amadou Ba said at the launch of the partnership that the amount Africa lost due to illicit financial  malpractices was more than the aid received by the entire continent.

Mr Ba said the partnership would promote revenue collection while using funds to fight poverty.

And Sierra Leone minister of finance and economic development Saidou Sidibe said the partnership was important for her country as it would help in collecting government revenue. Ms Sidibe said the partnership would also reduce corruption and promote transparency in the tax auditing departments.

“This partnership will save our country the revenue lost through illicit financials and the GDP that Africa loses,” she said.

Meanwhile, AfDB president Dr Akinwumi Adesina emphasized the need for African countries not to deal with businesses which avoided paying tax.

“Africa is losing more than US$50 billion annually through illicit financials and this money could be used to improve people’s lives by building infrastructure and provide better services.

“African governments need to be responsible and accountable for the money lost by blocking all the linkages. No money belonging to government or the public should be lost,” he said.

Categorized | Business

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