AU urges member countries to prioritize fighting illicit financial flow

Addis Ababa, April 17, 2018 (FBC) - The African Union urged member countries to prioritize fighting illicit financial flow to meet the African structural transformation plan.

The 2nd African Union (AU) Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration Ministers Meeting is taking place at African Union Headquarters.

In her opening remark, AU Commissioner for Social Affairs Amira Elfadil, said the continent loses more than 50 billion USD each year due to illicit financial flow.

The Commission is working with its member states to support their efforts to strengthen public systems, improve transparency and recover stolen assets in the context of the fight against illicit financial flow, she added.

Elfadil called upon all countries to sign and ratify the founding texts of the African Monetary Fund, which constitutes one of the strategic institutions that makes the zone continental free trade worthless without them.

She said it is necessary to broaden the tax base of states by the elimination of tax benefits, fight against the abusive practice of the multinationals in terms of transfer pricing and fairer and more transparent taxation of extractive industries.

State Minister of Finance and Economic Cooperation, Admasu Nebebe said corruption, including rent-seeking behavior, is recognized as an emerging problem in Ethiopia, with the potential to pose a serious challenge to its rapid economic growth as well as being a threat to its aspiration of building a democratic society.

He added that strong political commitment is undertaken in all parts of the country to combat this problem. The government is working with various responsible institutions and the media to create anti- corruption awareness among the masses of the people.

The two-day meeting is expected to conclude by adopting report and declaration of the meeting.

Source: ENA

Posted by Amare Asrat