Young women bear brunt of Illicit Financial Flows

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Womenkind Worldwide
Womenkind Worldwide

 

Tadiwa Masiiwa

Illicit financial flows (IFFs) are causing financial hemorrhage due to illicit capital outflows from developing countries, according to the Economic Justice for Women Project.

In a report titled, “The nexus between illicit financial flows in the extractives sector in Zimbabwe and young women,” EJWP said IFFs have major negative effects on the welfare of young women.

The report uncovered impacts on women like the domino effect of IFFs in that they reduce revenues available to fund gender equality initiatives and gender-responsive services

The Second Republic under President Emmerson Mnangagwa published a list of mining companies that had externalized foreign currency. The capital flight means there are lesser projects that actually offer employment in the country.

The study revealed that as a result, young women in the mining communities are engaged in precarious work that is often illegal, seasonal, and casual in nature.

“Interestingly, while much attention is paid to gendered aspects of IFFs overall, there are very few studies exploring the extent to which young women are affected by and involved in IFFs” read the report.

It added that the sheer amount of resources possible ‘lost’ due to IFFs shows the extent to which public service delivery by the government is impacted. فريق البايرن

In 2020 the Minister of Home Affairs Kazembe Kazembe highlighted that the country is losing an estimated US$100 million worth of gold every month due to rampant smuggling through the country’s porous points of entry translating to a US$1.2 billion annual loss of public finances.

IFFs contribute to inadequate infrastructure which deepens inequality and amplifies impacts on the vulnerable in society strongly affecting their access to economic opportunity.

“IFFs compromise resources for social protection that young women should be able to access when in need”.

According to the Africa Centre for Strategic Studies, Zimbabwe is among the African countries that are attracting predatory investors into its extractives sector.

The dismal living conditions of young women are attributed to the failure by investors to pay taxes, who also participate in corruption, externalizing foreign currency in an environment like Zimbabwe where due to sanctions there is diplomatic isolation, weak institutions, and limited accountability. اسرار رمي النرد

“Predatory investors make a killing in a context like ours as they engage in illegal business transactions, morally questionable and exploitative practices. The secretive nature of mining deals and the non-­availability of information for public scrutiny, including absence of young women at decision ­making tables often means that there is no consideration of the impact of IFFs on young women emanating from predatory investors”.

Last year, Zimbabwe Anti-Corruption Commission chairperson, Justice Loice Matanda-Moyo revealed that Zimbabwe lost over US billion to IFFs in 2020 through tax evasion, smuggling, corruption, fraud, drug trafficking and money laundering, while Africa loses US billion a year. جميع المواقع التي تقبل الدفع بالباي بال paypal

However, she said the commission was committed to fighting corruption and would build teams that are sophisticated and technically sound to conduct thorough investigations, asset tracking and asset recovery.

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