FEMNET - African Women's Development and Communication Network’s Post

“ Economic violence is when the abuser has complete control over the victim’s money and other economic resources or activities.” (Fawole 2008). The 204 members of parliament who voted for the bill may be characterised as perpetrators of economic violence. They intend to retain authority over the financial welfare of Kenyans, disregarding our input and dictating how the money should be allocated” Thankyou Nicole Mumala Maloba and FEMNET - African Women's Development and Communication Network for this clear analysis of how the Kenya’s Finance Bill 2024 disproportionately affects women especially women who are already economically disadvantaged. That is why women are in big numbers standing together to #RejectFinanceBill2024 because it deepens #GenderInequality and #EconomicInequalities .

Nigeria cannot afford any fiscal recklessness at this critical juncture. The news regarding budget padding of such a significant amount is deeply concerning. It's alarming to consider that we'll be financing this budget with debt, especially while the amendment of the Fiscal Responsibility Commission Act remains pending. This delay hampers the commission's ability to enforce fiscal discipline, transparency, and accountability in public finance, thereby fostering corruption even after the budget has been passed. There is no more opportune moment than the present to amend the act! #CrowdOutCorruption #GIFTII

2024 Legislative Updates: What's Changing? In 2024, 61 bills have been passed by the National Assembly, affecting critical sectors such as finance, labour, and governance. What do these changes mean for Nigeria's economy and citizens? Swipe through for a breakdown of key legislative actions. #LegislativeUpdates #Nigeria2024 #PolicyImpact

INFOFLASH: Kenya has overhauled its regulatory framework applicable to the public offer of securities. This overhaul is expected to provide a welcome update to the well-out-of-date regulations that they have repealed. Kenya is further readying itself for future growth. Well done.

Economic, Policies, and Social Updates From The Villager E-paper Tax-Motivated Illicit Financial Flows Drain African Economies, Study Reveals A staggering 65% of illicit financial flows (IFFs) from Africa are driven by tax evasion and commercial misconduct, severely undermining the continent's development efforts. This alarming statistic is highlighted in a recent study by the European Commission and its African partners, which highlighted the critical need for stronger governance and international cooperation to combat these economic leakages. The findings align with domestic data from Namibia, where potential tax-related crimes are the leading potential predicate offenses for money laundering, as identified by the Financial Intelligence Centre (FIC). In April 2024, the FIC reported 17 potential money laundering predicate offenses, of which 13 were related to tax crimes. This trend has been consistent in previous months, highlighting the persistent nature of potential tax-related illicit financial activities in the country. #Lazarus Amukeshe

23 out of 54 African countries now require companies to disclose their true owners, hindering money laundering and tax evasion. But true transparency needs a robust definition of "beneficial owner." Ideally, it should consider ownership (shares), control (voting rights/board appointments), and the right to benefit (dividends). The challenge lies in identifying those with control. Progress is evident, with some countries like Kenya incorporating both ownership and control, while others like Mauritius focus solely on voting rights. Thresholds, requiring only individuals owning a certain percentage of shares to register, create loopholes. Lower thresholds are better than high ones, but eliminating them entirely, like in Botswana, is ideal. Clear definitions and eliminating thresholds are crucial for: Enhanced business transparency and, Combating financial crimes the report “Beneficial Ownership Transparency in Africa in 2022”, a report authored by Rachel Etter-Phoya, Idriss Linge, Francis Kairu, Florencia Lorenzo and  Eva Danzi for Tax Justice Network Africa and Tax Justice Network, mentions “Beneficial ownership definitions often make use of thresholds to narrow the scope of who should be identified as a beneficial ownership.” #Africa #Transparency #FinancialCrimes #BeneficialOwnership

Active Citizens! 🗣 📢 Our taxes should be working for us, not getting lost in mismanagement! Every year, we lose millions and billions to financial irregularities—money that could be funding schools, hospitals, and infrastructure. Do you know how much is slipping through the cracks? Let us have a conversation on ensuring EVERY Cedi is accounted for. #TrackaGhana #TrackingEveryCedi #CivicActionGh #GetInvolved International Budget Partnership Open Government Partnership Norvan Reports Ghana Anti-Corruption Coalition (GACC)

As we approach the Finance Bill 2024, it's crucial for the government to listen to citizen voices and address our concerns. Let's engage and push for a better future. - Dr. James Ciera from Twaweza East Africa . . . . . Okoa Uchumi ActionAid International Institute For Legislative Affairs KRA(KENYA REVENUE AUTHORITY) Tax Justice Network Africa Oxfam International @The National Treasury and Economic Planning East African Tax and Governance Network Transparency International Kenya #FinanceBill2024 #Kenya #CitizenVoices #FinanceBill2024, #Kenya, #TaxJustice, #PublicEngagement, #CitizenVoices, #GovernmentTransparency, #PolicyChange, #EconomicJustice

Kenya's Treasury Chief unveiled a sweeping regulatory reform agenda aimed at bolstering economic resilience and societal well-being. Key measures include fast-tracking privatisation of Government Owned Enterprises, revising capital requirements for banks, modernising capital markets, and overhauling the national payments system to enhance security. Notably, the government is advancing National Policies on digital finance and disability inclusion to foster a more innovative and inclusive economy. Read more in our 2024 Budget Bulletin Analysis here: https://ow.ly/ZTug50SlnWI #KenyaBudget2024 #FinanceBill2024 #RegulatoryReformAgenda #PwCKEbudgetmatters #KEbudget2024