Mr speaker , allow me to make contribution to this bill by way of confirmatory and corroboratory to what has been proffered by the able Minister of Finance Hon Ndaba Gaolatlhe. I have perused the intended amendments , and I concur without necessarily going one by one on them. I also support the strengthening of oversight institutions like FIA as part of nurturing our democracy and managing the economy. Institutions like this need to be independent, empowered and of course be held accountable by amongst others parliamentary processes.
Mr speaker annually, Africa loses an estimated $88.6 billion to IFFs, that is Botswana which severely limits domestic resource mobilisation. These financial losses, driven largely by abusive transfer pricing and tax avoidance as well as a myriad of enablers who facilitate these outflows from the continent.
The objectives of the Eastern and Southern Africa Anti Money Laundering Group (ESAAMLAG) are to adopt and implement the 40 recommendations of the Financial Action Task Force ( FATF) apply anti money laundering measures to all serious crime and implement measures to crime and implement measures to combat the financing of terrorism.
Mr speaker it must be fathomed that , Anti-money laundering (AML) compliance and countering financing of terrorism is the main global focus for the regulators and a call for Governments to enact laws that complies with international framework set by institutions such as ISAMLAC . In light of this scrutiny, it is critical that financial institutions make AML compliance a top priority. On that note therefore, as i have already enunciated , it is critical to have laws that facilitate effective fight against this scourge. Mr speaker we need to build , inculcate and foster a culture of good governance. This must be precipitated by good laws or policy framework on governance.
Importance must be placed to customer due diligence, understanding and conforming with financial and economic sanctions, national laws and regulations, along with responsibility in combatting money laundering and counter-terrorist finance
As a Pan Africanist , I was honoured to attend the Regional African Parliamentary Network on Illicit Financial Flow (APNIFFT) on the 16th – 19th September 2024, with Harare (Zimbabwe) caucus as the host.
APNIFFT conference comprising of Eastern and Southern Africa Region was geared towards strengthening Parliamentarians’ capacity to combat Illicit Financial Flows and Promote Better Economic Governance in Africa
The primary objective of the conference was to strengthen the capacities of parliamentarians to effectively address IFFs and advance fair taxation policies across Africa.
The African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT) is an initiative coordinated by the Tax Justice Network Africa (TJNA).
In this parliament we need to broaden our discourse to dialogue on economic justice issues including debt , tax , beneficial ownership transparency, trade , and the role of members of parliament in championing the UN Tax Convention .
I conclude by lending support for this bill to be adopted.
