Liberia enters Partnership on Illicit Finance

Aug 04, 2016

The government is to take new measures to curb illicit financial flows.

The Partnership on Illicit Finance and the government of Liberia have created a national action plan to curb illicit financial flows.

The plan focuses on promoting government transparency, combating corruption and impunity and promoting accountability.

The government has committed to making annual verifiable declarations of financial interests and conflicts of interest regarding elected and cabinet-level officials and their families, and to identify foreign accounts held by such officials.

It will also adopt legislation that compel companies bidding on license for natural resources extraction or government procurement activities to disclose their beneficial owners.

In addition, new measures will ensure the independence of those investing and prosecuting corruption, guaranteeing that those officials are granted adequate judicial, prosecutorial and enforcement authority to fulfill their mandates.

In June, the president of the African Development Bank (AfDB), Akinwumi Adesina, called on African countries to join the Partnership on Illicit Finance.

"With over $50 billion siphoned out of Africa through tax avoidance and evasion, we need to cooperate with countries in scrutinising financial transactions," he said, quoted by the Times of Zambia.

The Partnership on Illicit Finance, which was launched at the 2014 US-Africa Leaders Summit and includes Burkina-Faso, Kenya, Liberia, Mauritius, Niger, Senegal, Sierra Leone and the US.ADNFCR-2976-ID-801823104-ADNFCR