US$50 Billion Illicit Flow of Cash Frightens LRA Commissioner General

first_imgLiberia Revenue Authority (LRA) Commissioner General, Elfrieda Stewart Tamba says the illicit flow of money from Africa is overwhelming.Mrs. Tamba quoted the Mbeki Report on illicit flows of money out of Africa and said Africa loses about US$50 billion yearly and warned that it must stop.Madam Tamba made the assertion yesterday, at the opening of a three-day forum and training organized by the Organization for Economic Cooperation and Development (OECD) at a hotel in Monrovia.Otherwise referred to as the “Global Forum on Transparency and Exchange of Information for Tax Purposes,” the forum brought together about 25 persons from various institutions, including the Ministry of Finance and Development Planning, the Law Reform Commission and the Governance Commission.The Mbeki Report which Commissioner General Tamba is referencing, is a document prepared by a high level panel established in 2012, following a meeting organized by the joint African Union Commission and the United Nations Economic Commission for Africa.Its three basic aims are to develop a realistic and accurate assessment of the volumes and sources of financial outflows; gain concrete understanding of how these outflows occur in Africa, based on case studies of a sample of African countries and, ensure that the panelists make specific recommendations of practical, realistic, short-to medium-term actions that should be taken both by Africa and the rest of the world to effectively confront what is in fact a global challenge.”The LRA Commissioner General indicated that the technical assistance program was important for Liberia on grounds that it is aimed at strengthening collaboration and sensitization among all local stakeholders to enhance preparedness for the country to ensure passage of “Round 2-Peer Review” to avoid the blacklisting of Liberia for lack of transparency in financial matters.She said it will also strengthen the capacity of LRA in the exchange of information for tax matters since tax evasion is one major source of illicit financial outflow.She assured that Liberia is committed to amend the applicable laws to meet the Global Forum standard on transparency of information and to also facilitate the exchange of information in tax matters.In furtherance of the commitment, Tamba also said “As a demonstration of Liberia’s commitment, our country ensured its passage to Phase II and compliance is scheduled for June of 2018.”In order to convince stakeholders about this, Madam Tamba said they have embarked on the establishment of the exchange of information in the competent authority – the Domestic Tax Department – and development of the relevant manuals and related staff training.Additionally, she noted that they have also embarked on the signing of the statement of intent to join the African Tax Administration Forum Agreement of Mutual Assistance in Tax Administration Matters, and expansion of tax information and exchange agreement networks from 16 to 20.“This includes Canada in 2017 and the adoption of a protocol request also in 2017 from South Africa in relation to the inclusion of Automatic Exchange of Information,” she said.Madam Tamba said it will detect tax evasion and off-shore wealth, deter people from non-compliance and encourage timely compliance by taxpayers and support domestic synergies among tax administrators in developing countries in their domestic resource mobilization strategies.The automatic exchange of information is a new experience for Liberia. In this regard, the LRA Commissioner General said her institution needs to acquire the necessary information technology infrastructure, and ensures the passage in collaboration with the Ministry of Finance and Development Planning (MFDP) of the legislative framework that will facilitate the process in line with the new standard.To further enhance the process, she said “The stakeholders jointly need to ensure the amendments to the Business Corporation Act are ratified before the next scheduled peer review.”Commissioner General Tamba said “This engagement will further enhance local capacity to more effectively combat, inter alia, tax evasion, aggressive tax planning, illicit flow of capital and money laundering, thereby facilitating the collection of lawful revenues due our nation and people for the national good of all of us including the unborn.”In brief remarks earlier, the Commissioner for Domestic Tax, Darlingston Y. Tarley said the technical assistance training will enable Liberians to fully understand how information exchange is done, noting that it will facilitate the fight against tax evasion. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Watford goalkeeper joins Kilmarnock on season-long loan

first_imgBachmann, a former Austria youth international, is yet to play for the Hornets since joining a year ago but has previously had spells on loan at Wrexham, Ross County and Bury.He is the fourth player brought in by manager Steve Clarke this summer, following Stuart Findlay, Mikael Ndjoli and Ross Millen through the door.“It’s a bit of a change, and I’m looking forward to starting playing,” Bachmann told the club’s official website.“It’s a bit of a difference but it looks nice and green around here and I’m sure I will settle quickly. Top nine Premier League free transfers of the decade targets targets LATEST Where every Premier League club needs to strengthen in January IN DEMAND LATEST TRANSFER NEWS moving on We are delighted to announce the signing of @DBachmann1 on a season-long loan deal from @WatfordFC✍️ #WeAreKillie— Kilmarnock FC (@OfficialKillie) August 8, 2018“I just need to get used to the Scottish accent!“It’s very different for me, but it’s quite funny and I’m getting used to it.“I’ve enjoyed the first couple of training sessions and I’m looking forward to the rest of the season.“The biggest part is to play and help the team do well and finish as high as we can this season.” RANKED Arsenal transfer news LIVE: Ndidi bid, targets named, Ozil is ‘skiving little git’ center_img Bachmann is yet to play for Watford 1 The biggest market value losers in 2019, including Bale and ex-Liverpool star Man United joined by three other clubs in race for Erling Haaland Tony Cascarino backs Everton to sign two strikers for Carlo Ancelotti REVEALED Kevin De Bruyne ‘loves Man City and wants to keep winning’, reveals father Kilmarnock have secured the signing of goalkeeper Daniel Bachmann on a season-long loan.The 24-year-old has joined for the entire 2018-19 season from Watford and will compete with Jamie MacDonald for the number-one spot. LIVING THE DREAM Cavani ‘agrees’ to join new club and will complete free transfer next summerlast_img read more

Everybody’s uncle

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe top 10 theme park moments of 2019 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Do right and take care of others was the philosophy of Luis “Louie” Montoya Sr., a retired Los Angeles County marshal. A resident of Sun Valley since 1956, Montoya died June 25 at age 77. “He was caring, fun, and he had integrity,” said son Luis Montoya Jr. “He was such a genuine person. He had a broad smile and made you feel comfortable, like a part of the family. “He adapted his life around us to give us guidance and to keep us out of trouble. I learned to have a real sense of family from him.” Luis Armando Montoya was born Nov. 2, 1927, in El Paso, Texas. He graduated from Bowie High School, where he was a track star, and attended the College of the Mines, now the University of Texas, El Paso. He married high school classmate Josefina Lucero in 1949. They moved to Sun Valley in 1956 and he went to work for the U.S. Postal Service. He became a county marshal in 1960 and retired in 1983 at the rank of sergeant. Montoya, who spoke both English and Spanish, coached Little League for eight years when his two sons were growing up. His sense of fair play was an inspiration to his teams. “When he was coaching he would play fair. If we thought other coaches were bending the rules, he would say, well, we’ll beat them anyway,” said son David Montoya. “His favorite saying was ‘Que sera, sera’ — what will be, will be. He was an advocate for helping people and that’s why he was called ‘Uncle Louie’ by so many people.” After his retirement, Montoya enjoyed being with his grandchildren, playing golf and traveling abroad and to Laughlin, Nev., and eating his wife’s chile rellenos. He was a longtime parishioner at Our Lady of the Holy Rosary Roman Catholic Church in Sun Valley. “What did I learn from him? Right from wrong. It sounds trite but ‘right’ is an absolute,” said Luis Jr. “Even if nobody else knows, you know and God knows. You do what’s right.” In addition to his sons, Montoya is survived by five grandchildren and his brother, Robert. He was preceded in death by his wife, and by his daughter, Cecilia. A funeral was held Thursday at Our Lady of the Holy Rosary, followed by burial at San Fernando Mission Cemetery. Arrangements were made by Utter McKinley San Fernando Mission Mortuary. — Holly Andres, (818) 713-3708 holly.andres@dailynews.comlast_img read more