The African Tax Administration Forum (ATAF) has called on African Countries to invest in technology as one way of curbing illicit Capital flows from the continent.
“Electronic systems play a huge role in curbing corruption and by extension illicit flows,” ATAF Executive Secretary Logan Wort told Journalists during a recent media briefing in Pretoria, South Africa.
However, Wort cautioned that the systems cannot entirely stop illicit flows arguing that when people intend to break the law they can do it.
“Illicit is by very nature illicit and it will always be there,” said.
Illicit financial flows refer to a form of illegal capital flight and occur when money is illegally earned, transferred, or spent. This money is intended to disappear from any record in the country of origin, and earnings on the stock of illicit financial flows outside of a country generally do not return to the country of origin.
