ADB and CODA launch project to support illicit financial flows in Africa

By InstinctBusiness Mar 13, 20230

The African Development Bank and the Coalition for Dialogue on Africa (CoDA) have officially launched three-year support project to enhance regional support to illicit financial flows.

The project will support African stakeholders who are actively trying to stop such flows in order to increase the mobilization of local revenue in African nations.

It will further promote both the implementation of cooperative plans and efforts related to international taxes as well as the coordinated implementation of the High-Level Panel on Illicit Financial Flows’ recommendations.

The grant will support CoDA in its role as the secretariat of 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 project targets a number of African Development Bank member nations, with a focus on strengthening public sector capacities in low-income nations through lobbying, policy research, and training initiatives.

Deputy Director-General for Eastern Africa Regional and Business Delivery Office, Abdul Kamara expressed satisfaction with the project and noted that it is in line with the High-Level Panel’s mandate to promote a coordinated response of the bank’s regional member countries in order to ensure that policies and practices are mobilized in order to address financial crime, tax avoidance, and money laundering.

“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”.

Also, the Executive Director of CoDA / HLP Secretariat, Souad Aden-Osman, added, “CoDA welcomes this financial support of the AfDB. We are eager to work with the bank in ensuring Phase II of the implementation of the panel’s recommendations is well underway. This collaboration with the AfDB is highly useful in this regard, and on behalf of its Board of Directors and the High-Level Panel on IFFs from Africa, CoDA is thankful to the President, Management and Board of the AfDB for their continued support.”

The goals of the bank’s Strategy for Economic Governance in Africa (2021–2025), policy and strategy framework, action plan, and “High Five” objective, which aims to “raise the quality of life” for Africans, are all in accordance with the bank’s support.