The AfDB inducted the African Financial Integrity and Accountability Support Project (AFIAP) by way to Enhance Cooperative Ripostes to Illicit Financial Successions in African Nations
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Through an announcement published by the AfDB on Friday March 10th, 2023 in Abuja, it was said that the three-year support project would enable stakeholders commit energetically in curbing illicit financial outpourings and enhance domestic revenue mobilization in Africa.
The AfDB is bargaining with $5.9 million project in coalition with the Coalition for Dialogue on Africa (CoDA). The statement let out, the project which took place at the African Union (AU) headquarters, intends for to increase regional coordination on accountability of public finances for optimal revenue mobilization and management in African nations.
“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,’’ it said.
It announced the grant would support CoDA’s position as the secretariat of AU High Level Panel (HLP) on Illicit Financial Flows (IFFs) and Joint Secretariat of the Consortium to stem IFFs from Africa.
“The support will foster a coherent African response to illicit flows, in line with the AU Assembly Special Declaration on IFFs passed in January, 2015.
“It will also advance Africa’s continent-wide asset recovery agenda encapsulated in the Common African Position on Asset Recovery (CAPAR) adopted in February 2020.
“This will be carried out by CoDA, the AU Commission Departments of Economic Development, Trade, Tourism, Industry and Minerals and Political Affairs.
“It will also be carried out by the Peace and Security Department, in collaboration with other national, regional and global actors,’’ it said.
The announcement indicated that the project targeted assigned AfDB member nations, with priority on public sector capacities in low-income countries to strengthen resilience via training, policy research and advocacy activities.
The Bank’s Deputy Director-General for Eastern Africa Regional and Business Delivery Office, Abdul Kamara conveyed gratification with the project.
Kamara told that the project was in streak with the statute to assure that policies and practices that were mobilized in dealing with 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 to boost revenue mobilization and management,” Kamara said.
On his part, the Executive Director of CoDA/HLP Secretariat, Souad Aden-Osman applauded AfDB for the financial support. From his version, we are anxious to work with the bank in confirming Phase II of the implementation of the Panel’s recommendations, is well underway.
“This collaboration with the AfDB is highly useful in this regard.
“On behalf of its Board of Directors and the HLP on IFFs from Africa, CoDA is thankful to the president, management, and board of the AfDB for their continued support,’’ Aden Osman told.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent