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Government urges global collaboration to combat illicit financial flows

Government urges global collaboration to combat illicit financial flows

The government has issued a call for increased international cooperation and partnerships to tackle illicit financial flows (IFFs), emphasizing the need for collective action to address this pressing issue.

During the launch of a new initiative to strengthen financial integrity and support sustainable development, Maureen Hinda-Mbuende, Deputy Minister of Finance and Public Enterprises, stressed the importance of global collaboration in combatting IFFs.

Highlighting the cross-border nature of illicit financial flows, Hinda-Mbuende said that no single country can effectively tackle this challenge alone. She acknowledged the vital roles of international bodies such as the United Nations, the African Union, and the Southern African Development Community (SADC) in addressing IFFs.

“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 stated.

Hinda-Mbuende further emphasized the detrimental impact of IFFs on developing economies, particularly in Africa, where they exacerbate economic disparities and impede progress.

Namibia is actively collaborating with international partners and specialized firms to track and recover illicit funds, in addition to reviewing tax treaties and legislation to bolster measures against financial crimes, she disclosed.

Reiterating Namibia’s commitment to working with international stakeholders, Hinda-Mbuende asserted the importance of keeping resources within the continent to support development efforts.

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


 

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