AU, stakeholders to address illicit financial flows, asset recovery in extractive industry

Stakeholders in the extractive industry are set to address illicit financial flows and propose asset recovery solutions in a forthcoming conference.

The stakeholders include the African Union high-level panel on illicit financial flows (AU HLP on IFF) and the working group on the common African position on asset recovery (CAPAR), the coalition for dialogue on Africa (CoDA), forum civil, the pan-African lawyers union (PALU) and TrustAfrica.

According to a statement released by Souad Osman, executive director of the CoDA/AU HLP on IFF, the discussions will hold in a conference themed; “Addressing illicit financial flows and asset recovery in the extractive industry”, on the margins of the 2023 global conference of the Extractive Industries Transparency Initiative (EITI) from 13 to 14 June 2023 in Dakar, Senegal.

The convergence is the first ever EITI global conference to be held in Africa, despite African countries being the majority among the EITI’s fifty-seven member states which meet every three years.

The statement said the conference is organised in line with AU decisions and instruments adopted by African heads of state and government.

“It brings together policymakers, regulators, civil society organisations, industry stakeholders and the media to foster dialogue and collaboration in promoting accountability and transparent management of oil, gas, and mineral resources,” the statement reads.

During the conference, participants will discuss CAPAR, the need for enhanced transparency and accountability, stricter regulations and increased international cooperation in the extractive industry.

In addition, they will address the impact of illicit financial flows and the common occurrence of corruption in commodities trading.