Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors

UN, AU Lament Loss of $50bn to Money Laundering, Tax Evasion in Africa

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/12/2018 | 10:46am CEST

The United Nations (UN) and African Union (AU) have lamented an annual loss of $50 billion that oozed out of Africa through illegal funds, money laundering and tax evasion, among others.

Citing the rise of armed groups and international terrorist organisations such as Boko Haram in Nigeria, the bodies said more funds would be required in enforcing peace and countering terrorism in Africa.

These are highlighted in a communique they jointly issuedWednesday after the second annual UN-AU conference held in Addis Ababa, Ethiopiabetween July 9 and 10 to strengthen the relationship between the UN and AU.

Among others, the conference was equally attended by the Chairperson of the AU, Mr. Moussa Faki, and the Executive Secretary of the UN Economic Commission for Africa (UNECA), Ms. Vera Songwe.

As contained in the communique, the UN Secretary-General, Mr. Antnio Guterres, urged the international community to take action against the flow of illegal funds, money laundering and tax evasion, which cost Africa$50 billion every year.

This is a responsibility for the international community to support Africa to make sure that African resources remain in Africa to support African development, Guterres said.

But the UN chief focused on what he described as the dramatic crises in Africa, where the UN has deployed peacekeeping missions in four countries: the Central African Republic (CAR), the Democratic Republic of the Congo (DRC), Mali and South Sudan.

He said the rise of armed groups and international terrorist organisations such as Boko Haram, means that these operations are not involved in traditional peacekeeping, citing the need for more funding, particularly in enforcing peace and countering terrorism.

He said: We need to understand that when African troops are fighting terrorists in the Sahel, they are not only protecting the citizens of the Sahel. They are protecting the whole world. And the world must be in solidarity with Africa, as African forces are protecting us all.

He also called for greater support for the UN Agenda 2030 and African Unions Agenda 2063, both of which address long-term economic development.

However, the UN chief said recent developments in Africa indicated that the continent is increasingly moving in the direction of peace and enhanced security. But we need to collaborate in such areas as peace and security.

We feel a wind blowing in the direction of peace, he said, referring to recent developments such as the historic visit by Ethiopias Prime Minister to rival and neighbour Eritrea, as well as peace talks on South Sudan, where conflict has raged since 2013.

He said: All this gives us hope that the African continent will be moving more and more in the right direction in peace and security. The UN cannot afford to fail in its dealings with the continent.

Contributing to the discussions, Songwe noted that the ECA, through the High Level Panel on Migration in Africa is addressing the migration agenda in collaboration with IOM, UNCTAD and UNFPA. The panel is chaired by the former Liberian President Ellen Johnson Sirleaf.

Migration of Africans has dropped between 2000 and 2017 from 3 per cent to 2.7 per cent of total world migration. With the Free Movement of Persons Agreement which 26 countries have already signed, Africa is working to design and implement a framework for migration that supports the SDGs, she said.

Commenting on the support to trade and the African Continental Free Trade Area (AfCFTA), she said migration and the AfCFTA are key levers for Africas economic prosperity. As such, faster economic growth requires both institutions to work together.

(c) 2018 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Companies"
09:26aJUSTKAPITAL : NHF Transaction Update
PU
09:26aIC A/S : Report on transactions in the Company’s shares made by officers of IC Group
PU
09:26aINDIA CAPITAL GROWTH FUND : Net Asset Value Daily Estimate
PU
09:26aPATRIMOINE ET COMMERCE : PR 2018 Half-Year Results
PU
09:23aWESTROCK : to invest $248 million in plant upgrades WestRock to invest $248 million in Alleghany Highland plants over 5 years
AQ
09:22aGRUBHUB : Biz ear
AQ
09:22aDELTA AIR LINES : briefly grounds flights while it fixes a technical issue briefly grounds flights Tuesday evening over 'technology issue'
AQ
09:21aMSA SAFETY : New Modular Breathing Apparatus Technology from MSA Creates Broad New Options for Firefighters
PU
09:21aAFORTI : Buy out of the M21 series bonds CR 92/2018
PU
09:21aROYAL DSM : DSM and Starboard collaboration transforms discarded fishing nets from waste into high-end surfboard components
PU
Latest news "Companies"
Advertisement