Anti-corruption initiative

The Bank Group is keenly aware of the impact of corruption on the economic development of its RMCs.  Corruption hinders proper resource management, undermines efforts to enhance growth and reduce poverty, and obstructs sound and sustainable private sector development.

Moreover, the agreement establishing the Bank entrusts it with a responsibility to install effective control mechanisms to ensure probity in its business transactions and, therefore, call for the elimination of all forms of fraud and corruption from its lending operations and financial assistance.  The Bank Group is therefore committed to working with its international partners, governments of its Regional member Countries (RMCs), relevant NGOs and civil society organizations to combat corruption. 

Bank Group anti-corruption efforts will focus on the following areas: preventing and controling corruption in Bank-financed projects and programs; reducing opportunities for rent-seeking and corrupt practices; supporting research on the nature, origin, development and impact of corruption on African societies; supporting civil society capacity building in investigating corruption matters; sensitizing and assisting RMCs in efforts at combating corruption.

The Bank considers combating corruption as pivotal to the efforts a country can make to promote good governance.  This factor is being taken into account in the country performance assessment and allocation of the concessional ADF resources. The Bank will also encourage RMCs to introduce anti-corruption measures aimed at the detection and deterrence of fraud and corruption in their own procurements.   

Anti-money Laundering and Asset Recovery

The Bank’s strategy on anti-money laundering was established in October 2007. The strategy defines two key objectives: strengthening internal safeguards against money laundering in particular, financial sector operations, and supporting the efforts of RMCs in combating corruption and money-laundering, especially at the regional level. 

Bank’s support to anti-money laundering and asset recovery will be part of the Bank’s broader governance and anti-corruption agenda supporting integrity institutions and transparency reforms. Bank’s support to anti-money laundering and asset recovery will be focused at the regional level (through support to FATF-style regional bodies), undertaken in close partnership with specialized organizations (AU, UNODC) and as part of broader international efforts, such as the Stolen Asset Recovery (StAR) Initiative.