Kenya has shown commitment to tackle illicit financial flows (IFFs) through the signing of the Yaounde Declaration.
The Yaounde Declaration is a continental declaration calling for curbing of illicit flows within the continent. Additionally, it calls for fight against tax evasion to enhance domestic resource mobilization.
A recent report estimates that Africa loses $50 billion to $60 billion annually through illegal financial flows. This includes money from tax evasion, corruption, and money laundering.
According to CS Ukur Yattani, the declaration will help Kenya curb illegal financial flows out of the country.
Moreover, joining the declaration empowers Kenya Revenue Authority (KRA) to improve international tax cooperation through information sharing among the African Union (AU) member states.
Welcoming the move, KRA Commissioner General Githii said,” the declaration encourages KRA to accelerate efforts to curb international tax evasion.”
Among backers of the declaration include, the Global Forum and its African members, the United Nations Economic Commission for Africa, and the African Development Bank.
READ ALSO: Kenya Signs Two Agreement with Jersey to Return $5M Proceeds of Corruption
