Illicit financial flows have undisputedly become a global canker which according to Global Financial Integrity in 2013, a whopping US$1.1 trillion left developing countries in illicit financial outflows.
Its devastating impact is gargantuan that it has a terrible, subversive impact on governments, victims of crime, and society. They facilitate transnational organized crime, foster corruption, undermine governance, and decrease tax revenues.
And over the years, member states of the African Continent have been conscious of the menace, hence, fighting it head-on.
It is on this backdrop that the Deputy Minister of Finance and Economic Planning, Kwaku Kwarteng, who spoke on behalf of Ken Ofori Atta, opined that the fight against it is becoming more challenging particularly on the African Continent which equally needs a collective action to break through.
And that he elated member states are putting into work the Yaoundé Declaration on Combatting Illicit Financial Flows. Therefore, Ghana acknowledges and support the task force set in place to see to the success of the declaration.
He submitted that Ghana is therefore solidly behind the extension of the Africa Initiative from 2018 to 2020 by members of the task force. However, he called for the other African Countries to join.
According, Kwaku Kwarteng, between 2002 and 2008, over US$ 250 billion was the illicit financial flow from the extractive industry in Africa. Again, report from the High Level Panel of Illicit Financial Flow from Africa, estimated that illicit financial flow from Africa is US$ 50 billion annually.
Speaking at the 5th Africa Initiative meeting organised by Global Forum on Transparency and Exchange of Information for Tax Purpose at the Movenpick Ambassador Hotel, he noted that Ghana’s performance in terms of compliance in ensuring certain measures to combat the canker, he stated that Ghana had to speed up it work and task the authorities to do more.
He added that the legal frame work, Standard for Automatic Exchange of Financial Accounting Information Act, 2018, Act 967, compels reporting financial intuitions to collect and submit to the Ghana Revenue Authority.
Also, a committee has been set up to ensure a smooth implementation of the Automatic Exchange of Information and September 2019, has been targeted for implementation.
Ghana |Atinkaonline.com |Patrick Ofoe Nudzi