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'Stop the Bleeding'' Africa campaign to be launched Thursday

24 June 2015, 14:41 Mike Munga

Nairobi - Six Pan-African organisations have come together to launch a unified African campaign platform on Illicit Financial Flows (IFF) dubbed "Stop the Bleeding".

Tax Justice Network-Africa (TJN-A), Third World Network-Africa (TWN-Af), Africa Forum and Network on Debt and Development (AFRODAD), and FEMNET (African Women Development and Communication Network) will launch the campaign in Nairobi Thursday.

Other organizations are African Regional Organisation of the International Trade Union Confederation (ITUC-Africa), and Trust Africa supported and joined by the Global Alliance for Tax Justice (GATJ).

The aim of the campaign is to stop IFFs from Africa and implement an Africa Campaign on IFFs that is led and driven by African civil society organisations with support from other partners including international non-governmental organisations (INGOs).

Read Also: US stringent on funding local relief organisations

“Africa loses massive financial resources, about US$50 billion each year through illicit activities of multinational companies and rich individuals. These resources, if retained in the continent could be invested in productive sectors of these economies to lift Africa's growing population from under-development and poverty,” read part of the statement sent to newsrooms.

According to the High Level Panel’s report, the major perpetrators of IFFs from Africa are multinational companies, especially those operating in Africa's extractive sector, mostly in oil, gas and mining.

Also as a follow up to the public launch of the Campaign, a side event will be held on the margins of the upcoming Financing for Development Conference (FfD3) at Addis Ababa, Ethiopia in July.

The side event will introduce the Africa IFF campaign, re-emphasize the importance of taking forward the recommendations contained in the Mbeki HLP report, and highlight some of the joint plans that CSOs and other African Institutions have been undertaking to push for the Implementation of the Mbeki HLP report.

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- MyNews24

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