Business

Speaker Among Calls for Action Against Illicit Financial Flows

Smuggling, tax evasion, human trafficking, drug trade, and aggressive transfer pricing cited as disappointing practices that need to be addressed.
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Kampala, Uganda: The 5th African Organisation of Public Accounts Committees (AFROPAC) Assembly kicked off on Monday, with the Rt. Hon. Speaker of Parliament Anita Annet Among urging legal and revenue collecting bodies to maintain professionalism and avoid ethical dilemmas surrounding the economy.

Under the theme “Illicit Financial Flows and Fostering Public Financial Resilience,” Speaker Among challenged AFROPAC to collaborate in devising strategies to combat illicit financial flows and promote economic development in Africa.

Among emphasized that corruption eradication is crucial in overseeing financial management, citing “smuggling, tax evasion, human trafficking, drug trade, and aggressive transfer pricing” as disappointing practices that need to be addressed.

She noted that “such financial crimes undermine revenue collection”, which is vital for financing national development aspirations and ensuring quality service delivery to citizens.

Uganda’s struggles to collect enough tax revenue were also highlighted, with the Uganda Revenue Authority’s failures and delays hindering economic development.

Public Accounts Committees (PACs) are parliamentary bodies that examine government spending, ensuring value for money and holding the government accountable for the economy, efficiency, and effectiveness of public spending.

The African Organisation of Public Accounts Committees provides a platform for African countries to share experiences and best practices in combating illicit financial flows and promoting public financial resilience.

As AFROPAC gathers momentum, it is clear that collective action is necessary to address the complex issues surrounding illicit financial flows and their impact on African economies.

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Brian is a professional Journalist with a wide experience in Business Journalism. He is driven by a passion to see local entrepreneurs thrive in business. He wants to be remembered as a person who contributed passionately to the development Africa's economy.
Email: b.mugenyi@scribe.co.ug
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