Illicit Financial Flows: African Combat Plan Discussed

Prime Minster Philemon Yang on May 24, 2017 opened in Yaounde the international conference  on an African approach to tackle the illicit financial flows.

By the end of today, May 26, 2017 a concerted action on activities  to be carried out to fight illicit financial flows in Africa will be adopted at the Yaounde international conference on tackling illicit financial flows. Follow up mechanisms for the implementation of the action plan is also expected to be established.
Cameroon’s Prime Minister, Head of Government Philemon Yang on May 24, 2017 opened the conference  at the Yaounde Hilton Hotel  whose aim  is to enable participants to develop a common understanding of the illicit financial flows  and rise awareness on the actions undertaken by other actors in tackling such flows. Reports say illicit financial flow is done through tax evasion, money laundering  and other misdemeanors that constitute  major  problems  to the social, economic and political development of the African continent. The United Nations Economic Commission for Africa (UNECA) report says that illicit financial flows in the continent amounts to 50 billion US Dollars per year.
Speaking during the opening of the conference, the Minister Delegate at the Presidency in charge of the  Supreme State Audit Office, Mbah Acha Rose Fomundam  said that between 2003 and  2013 Africa has lost 4,200 billion FCFA   to illicit  financial flows, Nigeria over 150 billion US Dollars and Cameroon 7 billion US Dollars. She addressed  conference participants in her capacity as the Secretary General of the African Organisation of Supreme Audit Institutions (AFROSAI), one of the organi...