Illicit Financial Flows: Towards a More Integrated Approach for Curbing Illicit Financial Flows from Zimbabwe
This study is an attempt to estimate the levels of Illicit Financial Flows (IFFs) from Zimbabwe’s Mining, Fisheries, Timber and Wildlife sectors, over the period 2009 to 2013. It seeks to assess the possible drivers of IFFs and the existing legal and institutional frameworks designed to curb IFFs. The study also provides rich background material on the legal and institutional frameworks governing the development and exploitation of natural resources in Zimbabwe. A comparison of national strategies within the Southern Africa region to combat illegal exploitation and trade of the resources from the aforementioned sectors is discussed, with a view to draw important lessons for Zimbabwe. In conclusion, the study noted that the problem of IFFs is a global phenomenon that requires joint effort at global level. Curtailing IFFs requires concerted efforts by both developed and developing countries. This, therefore, requires greater emphasis and international cooperation by individual nations on measures aimed at regulating secrecy jurisdictions, strengthening anti-money laundering efforts, enhancing tracking of financial crimes, corruption and enhancing the capacity of the UN Committee of Experts on International Cooperation in Tax Matters, among others. This should be coupled with initiatives in support of transparency in international financial transactions, through the full implementation of such initiatives as UN Resolution 55/188 on the illegal transfer of assets, as well as the Stolen Asset Recovery Initiative.