Namibia calls for int'l cooperation to combat illicit financial flows-Xinhua

Namibia calls for int'l cooperation to combat illicit financial flows

Source: Xinhua

Editor: huaxia

2024-05-15 23:33:15

WINDHOEK, May 15 (Xinhua) -- Namibia called for increased international cooperation and partnerships to tackle illicit financial flows (IFFs) during Wednesday's launch of a new initiative to strengthen financial integrity and support sustainable development.

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.

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.