This archive report was first published on 28 November 2019.
On November 28, 2019, Kenya made a significant commitment to tackling illicit financial flows by signing the Yaounde Declaration.
The Yaounde Declaration is a continental declaration aimed at curbing illicit financial flows within the continent and fighting tax evasion to enhance domestic resource mobilization.
A recent report estimates that Africa loses between $50 billion and $60 billion annually through illegal financial flows, including money from tax evasion, corruption, and money laundering.
According to Cabinet Secretary Ukur Yattani, the declaration will help Kenya curb illegal financial flows out of the country, empowering the Kenya Revenue Authority (KRA) to improve international tax cooperation through information sharing among African Union (AU) member states.
Welcoming the move, KRA Commissioner General Githii Mburu said, 'the declaration encourages KRA to accelerate efforts to curb international tax evasion.'
The declaration has been backed by several organizations, including the Global Forum and its African members, the United Nations Economic Commission for Africa, and the African Development Bank.
Kenya's commitment to tackling illicit financial flows comes as the country seeks to strengthen its financial systems and combat corruption.
