CAMEROON: Illicit financial flow - African Supreme Audit experts identify combat strategies.

CAMEROON: Illicit financial flow - African Supreme Audit experts identify combat strategies.

Kwanele Al NKAYI Kwanele Al NKAYI
30/05/2017
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30.05.2017-Yaoundé/ Members of the African Organisation of Supreme Audit Institutions (AFROSAI) and Good Financial Governance (GFG) Network in Africa and its affiliated organizations have made recommandations on how best to check illicit financial flows in the continent.

 The recommendations were made at the end of a three-day conference in Yaoundé.

 The theme for reflection for the meeting was, "Tackling illicit financial flows: An African approach to a global phenomenon.” 

 The conference that was opened by Cameroon’s Prime Minister Philemon Yang, recommended that

 - Governments, private sector, civil society and international institutions form a united front to check the phenomenon.

 - Governments need to implement stronger policies to combat the practice

 - Countries in the continent need to engage in information and experience sharing amongst themselves- An updated data of individuals and corporate bodies involved in illicit financial flows needs to be established

 The harmonization of judicial and legal framework is necessary to effectively sanction perpetrators of the practice

 - States be encouraged to carry out combat actions on the field

 - Governments adopt the regional and continental combat strategy

 - The African Union should continue to educate citizens of African countries on public morals, intensify the fight against money laundering 

 - The African Union should 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.

 Participants of the conference also recommended that members of the AFROSAI and Good Financial Governance Network in Africa adopt the Yaoundé declaration and implement a plan of action.

 The Minister Delegate at the Presidency in charge of the Supreme State Audit Office, Secretary General of AFROSAI, Mbah Acha Rose Fomundam chaired the closing ceremony of the conference.

 CRTV.

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