IFF

Obrein Simasiku The extraction or mining sector is one of the most vulnerable to Illicit Financial Flows (IFF), because African authorities lack the expertise and the skills to seal loopholes, which in turn affects the economy and developmental growth of host countries and the continent. "The dependence of African countries on natural resources extraction for exports and revenues makes us extremely vulnerable to illicit financial flows. These sectors are prone to IFFs, trade mispricing including abusive transfer pricing, secret and poorly negotiated contracts and overly generous tax incentives," stressed Finance Deputy Minister Maureen Hinda-Mbuende. She said this today when addressing…