ADDIS ABABA–The African Union (AU) has urged member countries to prioritize fighting illicit financial flow to meet the African structural transformation plan.
The call came during the 2nd African Union (AU) Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration Ministers Meeting which began at AU headquarters here Monday.
In her opening remarks to the meeting, AU Commissioner for Social Affairs Amira Elfadil said the continent lost more than 50 billion U dollars e year as a result of illicit financial flows.
The AU Commission is working with its member States to support their efforts to strengthen public systems, improve transparency and recover stolen assets in the fight against illicit financial flows, she added.
Elfadil called on all African countries to sign and ratify the founding texts of the African Monetary Fund, which constitutes one of the strategic institutions to support the functioning of a continental free trade zone.
She said it was necessary to broaden the tax base of countries by the elimination of tax benefits, fighting the abusive practice of multinationals in terms of transfer pricing and fairer and more transparent taxation of extractive industries.
Ethiopian State Minister of Finance and Economic Co-operation Admasu Nebebe said corruption, including rent-seeking behaviour, was recognized as an emerging problem in Ethiopia, with the potential to pose a serious challenge to its rapid economic growth as well as being a threat to its aspiration of building a democratic society.
He added that strong political commitment is needed in all parts of the country to combat this problem. The government is working with various institutions and the media to create anti-corruption awareness among the people.
Source: NAM NEWS NETWORK