AfDB and CoDA launch US$5.9 million project to address financial crime, money laundering and tax avoidance

The African Development Bank (AfDB) and the Coalition for Dialogue on Africa (CoDA) have launched a three-year support project to improve regional coherent and coordinated responses to illicit financial flows (IFFs).

The project aims to ensure that policies and practices are mobilised to address financial crime, money laundering and tax avoidance to free up domestic revenue, particularly in Africa’s less developed countries.

IFFs and asset recovery

The US$5.9 million grant will support CoDA in its role as the secretariat of 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 has ambitions to foster a coherent African response to IFFs and advance Africa’s continent-wide asset recovery agenda.

Targeted support

The project targets selected AfDB member countries, with a particular emphasis on public sector capacities to counter IFFs in low-income countries, to reinforce resilience via training, policy research and advocacy activities.

“In addition to combating illicit financial flows, this project will contribute to promoting greater efficiency in public financial management in order to boost revenue mobilisation and management,” according to AfDB’s deputy director-general for Eastern Africa regional and business delivery office, Abdul Kamara.

An AfDB statement, African Development Bank, Coalition for Dialogue on Africa, launch $5.9 million project to stem illicit financial flows from Africa, can be found here, where links to material associated with the project can also be found.


Categories: Trade Based Financial crimes News

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