Côte d’Ivoire has joined the Partnership on Illicit Finance. The announcement was delivered by Fiacre Adopo, Adviser to the Minister of Budget, who represented the Ivorian Government during a workshop on tackling corruption, illegal trade and other forms of illicit financial flows (IFF), hosted by the African Development Bank (AfDB).

The AfDB has reiterated during the two-day workshop in Abidjan the critical importance of cutting the channels of IFFs, a key to unlocking the continent’s development potential.

The workshop brought together some 70 financial intelligence experts and representatives from government, civil society organizations, regional anti-corruption agencies and the private sector, to discuss the extent of illicit financial flows in Africa and innovative ways to combat them.

“For the African Development Bank, illicit financial flows are a matter of major concern, because they divert resources away from priority sectors such as energy and power, agriculture, infrastructure, health, and education,” said AfDB Vice-President Alberic Kacou.

The AfDB reviewed the Bank’s Group Strategic Framework and Action Plan on the Prevention of Illicit Financial Flows in Africa (2016-2020), to ensure it adequately addresses the priorities of the continent in the fight against IFFs.

The Bank also engaged participants on some of its findings on illicit finances contained in a forthcoming report of the Bank’s African Natural Resource Center, on Illicit Trade in the natural resources sector.

“The illicit trade in Africa’s natural resources costs the continent billions of dollars and deprives African economies of millions of jobs every year. It is particularly damaging as it steals from the people of Africa the benefits that are supposed to arise out of natural resources management, and in essence robs entire countries of their wealth,” said ARNC Director Sheila Khama.

Participants also discussed a study on IFFs in West Africa, conducted in partnership with the Organisation for Economic Co-operation and Development (OECD), the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), the New Partnership for Africa’s Development (NEPAD) and the World Bank.

Liberia, Senegal and the USA presented their national action plans for the fight against IFFs, developed through the Partnership on Illicit Finance that has as members AfDB, the USA and many African countries.

The flagship event of the workshop was the official launch by AfDB and OECD of their joint “Anti-Bribery Policy and Compliance Guidance for African Companies”. This guidebook for companies in Africa informs and supports their anti-corruption initiatives.

“Bribery increases the cost of doing business: This is unsustainable for companies operating in Africa’s increasingly competitive and globalised markets,” said Patrick Moulette, Head of the Anti-Corruption Division at the OECD.

Engaging the private sector in combatting corruption is critical, also affirmed Anna Bossman, Integrity and Anti-Corruption Director at the AfDB.

“Businesses are on the supply side of the corrupt act and therefore have a key role to play in improving corporate integrity and accountability, while promoting growth through an environment conducive to attracting foreign investment,” she said.

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AfDB and OECD launch powerful tool to help African companies prevent bribery

New guidance from the African Development Bank and the Organisation for Economic Cooperation and Development will help African companies of all sizes set up measures to prevent bribery and improve the quality of corporate compliance and anti-bribery policies.

Many African companies have yet to establish effective internal control mechanisms to ensure compliance with the law and prevent bribery in their business transactions. The OECD-AfDB Joint Initiative to Support Business Integrity and Anti-Bribery Efforts in Africa has developed the Anti-Bribery Policy and Compliance Guidance for African Companies to serve as a practical, concise guide to help African companies ensure adequate controls are in place to prevent bribery.

“Transparency and accountability provide the pillars for good economic governance which itself forms the foundation for real economic transformation. It is the duty of all actors on the continent, both public and private to break the chain of corruption,” said Akinwumi Adesina, President of the African Development Bank.

“Companies can prevent bribery, a corrosive crime that erodes the strength of our economies and the trust of citizens in our private and public institutions. By working together to foster transparency, compliance and accountability, we can fight bribery and promote stronger, cleaner and fairer economies throughout the African continent,” said Angel Gurría, Secretary-General of the Organisation for Economic Cooperation and Development.

The guidance will not only assist companies to get started with drawing up corporate anti-bribery policy and related compliance measures, it will also provide key insights on how to put them into practice.

The guidance offers a detailed compliance checklist enabling African companies to monitor their progress on areas relating to raising awareness of anti-bribery legislation among employees; developing anti-bribery policies; supporting the implementation of anti-bribery policies; industry collective action measures; specific bribery risks for state owned enterprises; and overcoming challenges confronted by SMEs.