The Head of Tax policy Unit at the Ministry of Finance, Mr. Daniel Nuer has called for stiffer measures in controlling illegal financial flows from the African Extractive Sectors.
According to Mr. Nuer, the ravaging impact of the COVID-19 Pandemic on the African economies requires that African governments do all within their power to block all avenues of illicit financial flows from the continent.
Delivering a keynote address on behalf of the Ministry of Finance, at a two-day stakeholder engagement on the taxation of the extractive sector in the African Region, organized by the Ghana integrity initiative and Tax Justice Network Africa, Mr. Daniel Nuer said comprehensive approaches must be adopted in combating illicit financial flows from Africa’s extractive sectors.
“We all agree that the natural resource sector plays a significant role in global illicit financial flows as such, the risk of illicit financial flows intermingling with more dangerous flows such as arms and drugs,” Mr Nuer warned.
Mr. Nuer further called on governments from across the continent to tighten control measures to ensure that African economies make the most of their mineral resources and their revenue there off.