African Development Bank, Coalition for Dialogue on Africa, Launch $5.9 million Project to Stem Illicit Financial Flows From Africa

In March 2023, the African Development Bank and the Coalition for Dialogue on Africa (CoDA) officially launched a three-year support project to improve regional coherent and coordinated response to illicit financial flows. The project will help African stakeholders actively engaged in stemming such flows to improve domestic revenue mobilization in African countries.

For the best possible revenue mobilization and management in African nations, the African Financial Integrity and accountability Support Project (AFIAP) aims to enhance regional coordination of combating illicit financial flows as well as the monitoring and responsibility of public finances. It will promote both the execution of cooperative plans and efforts relating to international taxes as well as the coordinated implementation of the High-Level Panel on Illicit Financial Flows’ recommendations.

The project targets selected African Development Bank member countries, with a particular emphasis on public sector capacities in low-income countries, to reinforce resilience via training, policy research and advocacy activities. The support will help promote Africa’s continent-wide asset recovery agenda, which is reflected in the Common African Position on Asset Recovery and develop a cogent African response to illicit flows in accordance with the AU Assembly Special Declaration on IFFs.

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