FG plans fight against illicit financial outflows, tax evasion

The Federal Government has disclosed plans to intensify the fight against illicit financial outflows, capital flight and tax avasion.

The Supervising Minister of National Planning, Amb Bashir Yuguda, stated this on Friday in Abuja while delivering a speech at the 12th Plenary of the Leading Group on Innovative Financing for Development.

The meeting,which was attended by senior government officials from about 63 countries, focussed on the concept and categorisation of existing instruments of innovative financing, including fight against illicit financial flows, social and development impact investments.

Other issues discussed at the meeting are financing mechanisms for climate change; solidarity taxes and migrants' remittances.

Speaking at the event, Yuguda called on members of the group to focus more attention on how to strengthen measures against illicit capital flight and tax avoidance.

This, he said, became imperative especially now that that the world seem to be paying more attention to the menace with the setting up of the High Level Panel on Illicit Financial Flows from Africa, under the chairmanship of former President of South Africa Thabo Mbeki

He said, 'The Leading Group would be required to focus more attention on the imperative of strengthening measures against illicit capital flight and tax avoidance; especially now that that the world seem to be paying more attention to the menace with the setting up of the High Level Panel on Illicit Financial Flows from Africa, under the chairmanship of President Thabo Mbeki, former President of South Africa.

'In  addition, the Leading Group should collaborate with the panel and other relevant organizations in addressing this threat because of its damaging impact on development as statistics indicate that Illicit financial flows from Africa is estimated to be $50bn annually, twice the amount of Official Development Assistance that is extended to the continent in one year.' Punch