A joint statement was released on 19 April 2016 by the OECD secretary general and the Chair of the High Level Panel on Illicit Financial Flows from Africa.
Illicit financial flows include money laundering, tax evasion and international bribery and affect all countries of the world. The joint statement notes that recent publicity in the media about the use of secrecy, shell companies and offshore accounts for illegal activities has increased the need for the international community to collaborate on solutions to the problem.
The joint statement confirmed the commitment of the two organizations to ensuring that African countries can benefit from international efforts to improving tax transparency and encouraged all African countries to become involved. They also encouraged African countries to participate in the work of the Global Forum on transparency and information exchange and to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
The High Level Panel on Illicit Financial Flows from Africa has a mandate to investigate the cause of illicit financial flows and to recommend measures to combat the problem. The Panel has previously indicated that Africa has lost an estimated USD 1 trillion through illicit financial flows in the past fifty years.
