Namibia for Int’l Cooperation Against Illicit Financial Flows

May 16, 2024 Hour: 8:15 pm

On Wednesday, Namibia called for increased international cooperation and partnerships to tackle illicit financial flows (IFFs) with a new initiative to strengthen financial integrity and support sustainable development.

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Maureen Hinda-Mbuende, Namibia’s deputy minister of finance and public enterprises, stressed the importance of global collaboration in combating IFFs, saying no country can effectively address IFFs alone due to their cross-border nature.

“Combatting illicit financial flows is a cornerstone of the human rights economy, and to building more fair and resilient societies that invest in human dignity, human rights, and justice,” she said.

She highlighted the severe impact of IFFs on developing economies, particularly in Africa, where they exacerbate economic disparities and hinder progress.

‘GREED POWERS ILLEGAL MONEY FLOW’ … The deputy minister of finance and public enterprises, Maureen Hinda-Mbuende, says greed is the enabler of illicit financial flows – not just in Namibia, but Africa as a whole. pic.twitter.com/zxkb8rIJeR

— The Namibian (@TheNamibian)
May 15, 2024

Namibia is actively engaging with international partners and specialized firms to track and recover illicit funds, as well as reviewing tax treaties and legislation to strengthen measures against financial crimes, she said.

The minister reiterated Namibia’s commitment to working with international stakeholders to ensure resources remain within the continent to support development.

“Global cooperation is essential to limit and recover illicit financial flows and achieve fair trade and balanced economic development,” she said.