Detectives intensify war against financial crimes

Financial Crimesfrom MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (CAJ News) – TAX and financial crime investigators in the continent are honing their skills to address the illicit financial flows from Africa.

The illegal flows are thriving in a climate of secrecy, inadequate legal frameworks, lax regulation, poor enforcement and weak inter-agency co-operation.

Investigators have met in the Kenyan capital, Nairobi, under the auspices of the Africa Academy on Tax and Financial Crimes Investigation to halt the crimes that according to the 2015 (Thabo) Mbeki report denies the continent US$50 billion (595 billion).

Participants from 12 African countries participated in the session that has been endorsed by German, Italy and the G20, a grouping of the world’s largest advanced and emerging economies.

Githii Mburu, Kenya Revenue Authority (KRA), Commissioner for Intelligence and Strategic Operations, called for collaborations to stem illegal financial flows.

“If we do not cooperate in exchanging information and working together as neighbours, we may end up encouraging these fraudsters,” he said.

Juergen Leske, the Organisation for Economic Cooperation and Development (OECD) Programme Manager, noted that financial crimes were cross border in nature and emphasised the need for international cooperation.

“Value-added tax (VAT) financial crimes require inter-agency government approach to be resolved. Sharing information in such financial crimes is critical,” Leske said.
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Posted by on Feb 8 2018. Filed under Africa & World, Finance, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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