Civil Society Organisations have urged youths to actively take part in the conversation about combating illicit financial flows that have far-reaching effects, including tax evasion, smuggling and corruption among others.
Speaking during a youth dialogue on combating illicit financial flows organized by the 'Stop the Bleeding' consortium, Herbert Kafeero, the SEATINI Uganda Programs and Communications Manager said Uganda and Africa's future is held hostage by illicit financial flows but youth have a chance to change this.
“Africa loses an estimated $88.6 billion to illicit financial flows which is a big chunk of the funds. Young people should take the lead in holding their leaders and policymakers accountable. Through illicit financial flows, resources are drained from countries and economies investing in critical sectors like healthcare and education and channeled to individuals which undermines economic development and limits opportunities for everyone,” Kafeero said.
“Therefore, when we talk about young people taking the lead in combating illicit financial flows, it is from the appreciation that everyone has a role to play in combating this vice.”
Uganda
Kafeero said Uganda is not spared with illicit financial flows that he said account for about shs2 trillion losses every year , a figure he said is likely to be higher given the global disparities.
“Illicit financial flows take various forms like corruption, money laundering and tax evasion among others. When we say we are combating illicit financial flows we are talking of addressing a big problem that drains resources needed to be investors in essential sectors. The youths therefore can undertake advocacy or even use their social media to make noise about illicit financial flows,” he said.
“The youths can actually take on digital advocate in this era on social media, popularize issues but also use digital platforms to engage policymakers and duty bearers accountable. A young person can easily engage the president, Member of Parliament or any other duty bearer asking him to account.”
The SEATINI Programs and Communications Manager said youths are called to action to interest themselves in the issues of illicit financial flows that drain economies of the much-needed resources.
Mukasiri Sibanda, the Coordinator of the Stop the Bleeding Campaign said they are about fighting injustices around tax, debts and trade and investment related to illicit financial flows.
“The interest we have in working with youths is that African population is generally young and we want them to control their future. Youths must be able to generate and share knowledge and alternatives that can solve challenges facing the continent like unemployment, poor service delivery, corruption, lack of entrepreneurship opportunities among others,” Sibanda said.
“This continent is endowed with natural resources like oil and gas and when it is discovered, you find that the companies involved in drilling have their wealth in terms of share price increases on the stock market but the communities where the resources are found it doesn’t transform the balanced sheet and public finance. These are things we want to address that it is not enough to say we own resources but let us control them. The natural resources should benefit the citizens of these countries not foreign companies.”
He said such dialogues are meant to empower the young people take part in this conversation but also take the lead in advocating against illicit financial flows.