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Illicit Financial Flows: Proposed Solutions For Africa From Yaounde

Emmanuel KENDEMEH | 28-05-2017 23:07

Pertinent recommendations on how to tackle illicit financial flows in the continent have been made after the three-day international conference held in Yaounde


After brainstorming from May 24-26, 2017 in Yaounde, Cameroon, members of the African Organisation of Supreme Audit Institutions (AFROSAI) and Good Financial Governance (GFG) Network in Africa and its affiliated organizations, have come out with recommendations and commitments that if implemented, illicit financial flows would be effectively tackled in Africa.
The recommendations come to crown the international conference that held at the Yaounde Hilton Hotel on the theme, “Tackling illicit financial flows: An African approach to a global phenomenon.” The Minister Delegate at Cameroon’s Presidency in charge of the Supreme State Audit Office who is Secretary General of AFROSAI, Mbah Acha Rose Fomundam on May 26, 2016 chaired the closing ceremony of the conference that was officially opened on May 24, 2017 by Cameroon’s Prime Minister Philemon Yang.
The conference participants recommended that members of the AFROSAI and Good Financial Governance Network in Africa should adopt the Yaounde declaration and implement the combat plan of action,  the fight against illicit financial flows should be the centre of concerted reflections between governments, private sector, civil society and international institutions to achieve a united front, advocacy  for more committed governments’ policy be carried out and  information and experience sharing framework between African countries be put in place.  They also recommended that an updated data of individuals and corporate bodies involved in illicit financial flows be put in place,  the harmonization of judicial and legal framework be done in view of sanctioning perpetrators of the practice, that States be encouraged to carry out combat actions on the field, as well as the adoption of regional and continental combat strategy governments have to follow.
The African Union, the participants enjoined, should continue to educate citizens of African countries on public morals, intensify the fight against money laundering, designate a leading Head of State to chart the course on mechanisms of the fight in the continent. The African Union has also been urged to declare “An African Year for the fight against illicit financial flows” or “A Year of zero tolerance against illicit financial flows in Africa.” The continent also has to make use of the results of the Centre for Asset Recovery that can train States on how to prevent and detect illicit financial flows.

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