African Development Bank, Coalition for Dialogue on Africa, launches $5.9 million project to curb illicit money flows from Africa | African Development Bank

The African Development Bank and the Coalition for Dialogue on Africa (CoDA) have officially launched a three-year support project to improve the regional coherent and coordinated response to illicit financial flows. The project will assist African stakeholders who are actively involved in containing such flows to improve domestic revenue mobilization in African countries.

On March 7, the African Financial Integrity and Accountability Support Project (AFIAP) was launched at the headquarters of the African Union. The project aims to improve regional coordination of the fight against illicit financial flows and the supervision and accountability of public finances for optimal revenue mobilization and management in African countries. It will support the coordinated implementation of recommendations of the High Level Panel on Illicit Financial Flows and the implementation of joint strategies and initiatives related to international taxation.

The grant will support CoDA in its role as secretariat for both the AU High-Level Panel on IFFs, the Joint Secretariat of the Consortium to Stem IFFs from Africa and the annual African Fiscal Policy Forum. The support will promote a coherent African response to illicit flows, in line with the AU Assembly Special Statement on IFFs adopted in January 2015, and will advance Africa’s continent-wide asset recovery agenda as contained in the Common African Position on Asset Recovery (CAPAR) adopted in February 2020. This will be implemented by CoDA, the Departments of Economic Development, Trade, Tourism, Industry and Minerals and Political Affairs, Department of Peace and Security of the African Union Commission, in collaboration with other national, regional and global actors.

The project targets selected members of the African Development Bank, with a particular emphasis on public sector capacities in low-income countries, to strengthen resilience through training, policy research and advocacy.

The Bank’s support is in line with the objectives of its Strategy for Economic Governance in Africa (2021 – 2025), its Policy and Strategic Framework and Action Plan to Prevent Illicit Financial Flows in Africa (2017 – 2021, extended to 2023), and “ High Five Goal which aims to “improve the quality of life” for the people of Africa. It is consistent with continued similar support to regional organizations to halt illicit flows from the African continent.

The ceremony was attended by Abdul Kamara, the bank’s Deputy Director General for the East Africa Regional and Business Supply Office, and the Executive Director of the CoDA/HLP Secretariat, Souad Aden-Osman. Several other secretariat, African Union Commission and Bank officials also attended the event.

Abdul expressed his satisfaction with the project, noting that it is in line with the High Level Panel’s mandate to promote a coordinated response from the bank’s regional member countries by ensuring policies and practices are mobilized in tackling financial crime, tax avoidance and money laundering. “In addition to combating illicit financial flows, this project will help promote greater efficiency in public finance management to boost mobilization revenue and management,” said Kamara.

“CoDA welcomes this financial support from the AfDB. We look forward to working with the Bank to ensure that Phase II implementation of the panel’s recommendations is well underway. This collaboration with the AfDB is very helpful in this regard and on behalf of the Board of Directors and the High-Level Panel on IFFs from Africa, CoDA is grateful to the Chairman, Management and Board of Directors of the AfDB for their continued support,” Aden – said Osman.

About the CoDA Secretariat

CoDA Secretariat: CoDA is a special, but independent initiative of the African Union, the African Development Bank, the African Export-Import Bank and the United Nations Economic Commission for Africa. It promotes open, direct and inclusive dialogue to advance the work of the four institutions, with the aim of giving Africa a greater voice on issues related to peace, security, governance and development. CoDA acts as the secretariat for the African Union’s High Level Panel on Illicit Financial Flows from Africa. For more information, visit: www.codafrica.org