Tackling illicit financial flows through building capacity for African parliamentarians
Parliamentarians need to adopt good legislation to tackle illicit financial flows which see Africa lose at least $90 billion yearly. Top among key actions if Africa is to cut down on the losses is by promoting accountability and transparency. CNBC Africa’s Aby Agina spoke to Jean Mballa Mballa, Chairman Executive Council, TJNA for more.
Wed, 22 Jan 2025 17:24:53 GMT
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AI Generated Summary
- The significant impact of illicit financial flows on Africa's economy and development
- The crucial role of parliamentarians in adopting good legislation and promoting transparency
- The importance of collaboration between citizens and parliamentarians to combat illicit financial flows
Africa continues to grapple with the issue of illicit financial flows, with the continent losing a staggering $90 billion annually. This massive loss of revenue severely impacts the development trajectory of African nations, hindering investments in essential sectors such as education, healthcare, and infrastructure. In a bid to address this critical issue, the Tax Justice Network Africa (TJNA) is spearheading efforts to bolster the capacity of African parliamentarians and enhance their effectiveness in combating illicit financial flows. CNBC Africa's Aby Agina recently sat down with Jean Mballa Mballa, Chairman Executive Council of TJNA, to delve deeper into the strategies being employed to tackle this pressing challenge. Mballa Mballa emphasized the importance of adopting robust legislation and promoting transparency and accountability as key steps in curbing illicit financial flows. The TJNA conference, which brought together parliamentarians from 25 countries across Western and Central Africa, aimed to foster collaboration and knowledge-sharing among legislators to bolster the fight against financial malpractice. With Africa's political class facing criticism for its lack of proactive action in addressing illicit financial flows, Mballa Mballa highlighted the urgent need for parliamentarians to take on a more active role in combating this detrimental phenomenon. By enacting stringent laws, overseeing governmental actions, and engaging with citizens, parliamentarians can play a pivotal role in curbing illicit financial flows and safeguarding Africa's economic prosperity. The conference served as a platform for parliamentarians to gain a deeper understanding of the complexities surrounding illicit financial flows and explore effective strategies to combat this critical issue. Through knowledge-sharing and collaboration, African parliamentarians are poised to drive meaningful change and protect the continent's financial resources for the benefit of its citizens and future generations.