The President of the African Organization of Public Accounts Committees has termed Illicit Financial Flows as impediment to national development.
Senator Edward Dagoseh said illegal hiding of income from tax authorities or tax evasion and corruption, mineral smuggling, sale of drugs and trafficking of people are organized crimes that serve as hindrance to development.
Senator Dagoseh termed Illicit Financial Flows as nemesis which deprive nations of needed revenues to undertake infrastructure development and prioritize integrated community development projects.
Serving as keynote speaker at a conference on "Illicit Financial Flows in Yaoundé, Cameroon, the Grand Cape Mount County Senator told participants that in order to stamp out the Illicit Financial Flows, there is a need for countries to cooperate to scrutinize financial transactions.
He proposed a global action which requires strong international commitment, cooperation and concerted actions by countries, the private sector and the civil society.
The conference was organized by the Good Financial Governance in Africa to promote good governance in public finance sector.
It was organized in collaboration with several institutions including the African Organization of Public Accounts Committees, African Tax Administration Forum, Collaborative Africa Budget Reform Initiatives and the African Organization of Supreme Audit Institutions.
Senator Dagoseh was speaking on behalf of the organizers of the Conference, including African Tax Administration Forum (ATAF), Collaborative Africa Budget Reform Initiative (CABRI), African Organization of Public Accounts Committee (AFROPAC) and the African Organization of Supreme Audit Institutions (AFROSAI).
"We are very grateful to the Government of Cameroon for hosting this all important International Conference, the logistics provided and the unlimited reception being accorded all delegates attending this conference," he noted.
A report of the High Level Panel on Illicit Financial Flows from Africa has estimated that US$50 billion leave Africa annually as Illicit Financial Flows.
The report says this poses a huge challenge for economic and social development as well as political security through tax evasion, money laundering, and corruption on the African continent.