Illicit Financial Flows(IFFs) CLIPPLING ZIMBABWE ECONOMY
The failure by Zimbabwean Government and citizens to follow up and stop Illicit Financial Flows (IFFs) is bothworrying and confusing. The public now have some pointers, information and knowledge at their disposal on IFFs. Failure to stop such flows is failure to sustain the staggaring economy very sad.
As one writer puts it, “knowledge and information should be a public good to citizens for those who lack it are subject to manipulation and exploitation”.The Office of the Auditor General is providing accurate relevant information which fills in missing pieces of the puzzle. There is clear ndication that the country is loosing uch needed revenue through smuggling, tax evasion capital flight linked to base erosion, under invoicing, profit shiftingand other economic malpractices.
Minerals Marketing Cooperation of Zimbabwe (MMCZ) has openly defaulted on their mandate to safeguard and encountability in mineral production, and sadly they have joined the list of perpetrators of the practice as well it a curser of the hyeana eating its own children. The Kimberly Process Certification Scheme (KPC) has been publishing production figures by quantity without categorising them by quality and value. How then can the nation follow up when all the diamonds are priced averagely ignoring their respective types.
This is a loophole that calls for citizens of Zimbabwe to raise alarm with one loud voice. Talking and complaining about the missingf 15 Billion could be grossly underestimating the figure when processes are so opaque.The country is loosing huge fortune through IFFs. The call by the new dispensation leader that “Zimbabwe is now open for business” to investors from all over the globe will not be a solution to our crippled economy. Closing the loopholes through transparant and accoutable administrationis the ultimate solution.
As the bible says “My people perish because of Lack of knowledge” it is of critical importance to empower citizens on how to follow and monitor resources exploitation, marketing and company taxation. Knowing how the informal mining sector is contributing revenue should be o ajor urgent concern. The traditional leaders as will need to be roped in to add their voice to this subject of major importance. Lastly justice must be done by KPC by classifying diamonds according to their quality and value. The greatest investment that the citizens together with the Government is putting a seal to stop IFFs.
Complied By Billian Matambo. Zimbabwe Diamond And Allied Workers Union (ZIDAWU)