This archive report was first published on 26 November 2019.
On November 26, 2019, Kenya took a significant step in the fight against illicit financial flows by joining the Yaoundé Declaration. The declaration aims to improve international tax cooperation through enhanced information sharing among African Union member states.
According to the Organisation for Economic Co-operation and Development (OECD), the global landscape for fighting tax evasion and avoidance has changed substantially over the last few years. International cooperation and exchange of information (EOI) have emerged as vital tools in tackling illicit financial flows (IFFs).
The OECD estimates that Africa loses between Sh5 and Sh6 trillion each year through IFFs, including money from tax evasion and other criminal activities. The Yaoundé Declaration is a crucial step in addressing this issue, and Kenya's commitment to it is a welcome development.
Kenya Revenue Authority (KRA) Commissioner General Githii Mburu welcomed the Government's swift move to prioritize the signing of international treaties that will accelerate efforts to curb international tax evasion. 'KRA is encouraged by the Government's swift moves to prioritise the signing of international treaties that will accelerate efforts to curb international tax evasion,' Githii said.
Acting Treasury CS Ukur Yatani said Kenya has joined the Yaoundé Declaration and will support its commitments. 'I hereby join the Yaoundé Declaration and add Kenya's weight to its commitments,' Yatani said. 'Kenya is encouraged by the Yaoundé Declaration and its call for action to tackle illicit financial flows in Africa through improved international tax cooperation.'
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