Over recent years, AFRODAD has found it crucial to work with Parliamentarians and other Civil Society Organizations (CSOs) to brainstorm on issues illicit financial flows (IFFs) and how to jointly contribute to stopping such crimes.
The rational for this effort is that volumes of IFFs from Africa are huge and have been increasing over the years. Evidence from literature on the subject of illicit financial flows, including the report of the High Level Panel on illicit financial flows from Africa, argues that if illicit outflows are curbed, and the funds used domestically, the scale of the flows involved will have significant positive impact on development, and reduce Africa’s reliance on aid and external borrowing to finance development. Currently, illicit financial flows from Africa are estimated to be as much as USD 50 billion per annum. IFFs limit government expenditure on some of the most critical sectors such as health education. Furthermore, IFFs compromise equitable control, access and ownership of natural resources. It is in this view that combating IFFs remains a prerequisite for effective and efficient domestic resource mobilization and financing sustainable development. There is therefore need to escalate the role of Parliament and Civil society in combating IFFs from Africa.
Participants that AFRODAD usually invites include parliamentarians of national and regional parliaments from Africa (Pan African Parliament, Southern Africa Development Community Parliamentary Forum, East African Parliament and the Economic Community of West African States parliament), Asia, Europe and Latin America. Experts working on IFFs from African Development Bank, United Nations Economic Commission for Africa, and regional economic communities such as SADC, EAC, and ECOWAS, Pan-African CSOs and global civil society organizations working on IFFs as well as selected media houses.
The next Dialogue will be held in the first quarter of 1019.