The Speaker of Parliament has urged the African Organisation of Public Accounts Committees (AFROPAC) to step up efforts in combating illicit financial flows, warning that such crimes severely hinder national development and service delivery.
Speaking at the official opening of the 5th AFROPAC Assembly on Monday, the Speaker highlighted the need for collaborative strategies to address financial crimes, including corruption, smuggling, tax evasion, human trafficking, drug trade, and aggressive transfer pricing.
“These illicit financial activities undermine revenue collection, which is essential for financing national development aspirations and ensuring quality services for citizens,” she said.
The assembly, themed “Illicit Financial Flows and Fostering Public Financial Resilience,” brings together financial oversight bodies from across Africa to discuss ways to enhance accountability and transparency in public financial management.
The Speaker urged AFROPAC to play a central role in closing loopholes that enable financial misconduct, stressing that strong accountability structures are key to sustainable economic growth.
AFROPAC, a continental body uniting Public Accounts Committees (PACs), plays a crucial role in scrutinizing public expenditure and promoting financial discipline across African governments.
The assembly is expected to produce policy recommendations aimed at strengthening financial oversight and curbing economic crimes across the continent.