Read story: ACBF ready to help African countries stem illicit financial flow
SUMMARY OF OUTCOMES: This is the summaried outcomes of the Nairobi Sub-regional workshop on Curbing Illicit Financial Flows from Africa:
1. Strengthening institutional, regulatory and human capacity - this includes development and retention of capacities; segmentation, coherence, prioritisation and sequencing; benefits of pilot projects and domestic financing of capacity development.
2. Increasing advocacy for commitment, collaboration and reform - this involves stop the bleeding campaign; mindset; broad mobilization; engagement of executive and legislative arms and correlation between governance and tax payment.
3. Strengthening of normative Frameworks to stem IFF - includes common legislation at continental level; Sub-regional efforts; beneficial impact of soft laws; issues of domestication, compilation of laws; greater use of existing legal capacity and quick wins.
4. Strengthening technical capacities - includes renegotiating and revisiting domestic tax administration; recovery of sovereign assets and support for negotiations.
5. Addressing abusive transfer pricing and trade mispricing - includes imperative of breaking down technical issues; appropriate risk assessment tools; overcoming corruption; importance of exchange of information and facilitating the role of regional integration.
6. Follow up on global processes - involves follow up to Addis Ababa Agenda for Action; key role of financial intelligence units; Africa and the base erosion and profit shifting process; follow-up actions; need for coherence and imperative of a common African position.
