AfDB launches project to combat money laundering, corruption
The African Development Bank (AfDB) and the Coalition for Dialogue on Africa (CoDA), an independent African forum, announce a three-year project to help curb money laundering, bribery and other illicit financial flows (IFF) in African nations.
The formal launch of the African Financial Integrity and Accountability Support Project (AFIAP) was held earlier this week at African Union headquarters in Addis Ababa. The project is designed to equip AfDB member states, especially low-income countries, to achieve better financial oversight and enforce policies that limit corruption.
“In addition to combating illicit financial flows, this project will contribute to promoting greater efficiency in public financial management in order to boost revenue mobilization and management,” said Abdul Kamara, the AfDB Deputy Director-General for Eastern Africa Regional and Business Delivery Office.
Africans lose an estimated US$88.6 billion annually to IFF, according to a report from UNCTAD, the United Nations agency on trade and development, published in 2020. The economic losses and impacts on domestic programs due to diverted funds often affect the quality of life for those who can least afford it.
The new program aligns with AU priorities on IFF and the Common African Position on Asset Recovery (CAPAR) established in 2020, according to a joint press release from AFDB and CoDA.
“CoDA welcomes this financial support of the AfDB,” said Souad Aden-Osman, the organization’s executive director.
Image: AfDB
Laureen Fagan
Laureen is the editor of Africa Times
Laureen is a freelance journalist creating high-quality, informed content on international affairs, politics and technology. She has worked both in and out of newsrooms since 2000. She is a former paramedic with significant experience in community resilience and nonprofit community development initiatives, and maintains "a passion for action" on sustainability and climate change. She also is trained in conflict resolution and diversity, and has special interests in science and medical reporting, and culture and religion issues. Laureen received her MSJ from Northwestern University's Medill School of Journalism in the United States, and completed additional graduate study in theology at University of Notre Dame. Follow Laureen on Mastodon at @laureen@m.ai6yr.org
