AfDB ramping up efforts to prevent illicit financial flows and combat corruption
Launch of the joint AfDB-OECD “Anti-Bribery Policy and Compliance Guidance for African Companies”26/10/2016
The African Development Bank (AfDB) is inviting journalist to a major two-day conference on corruption in Africa, including several events featuring the launch of the Anti-Bribery Policy and Compliance Guidance. This joint publication by the AfDB and the Organisation for Economic Co-operation and Development (OECD) aims to help African companies of all sizes to set up measures to stop the supply side of bribes to public officials in business transactions.
The conference on preventing illicit financial flows and combating corruption, hosted by the AfBD, the OECD and the Partnership for Illicit Finance, will also include a wide consultation with stakeholders on the Bank’s new strategy and action plan for preventing illicit financial flows.
The Panel on the launch of the Anti-Bribery Policy and Compliance Guidance, on October 28 at 11 a.m., will comprise Abdoulaye Coulibaly, Acting Director of AfDB’s Governance Department; Anna Bossman, Director of AfDB’s Integrity and Anti-Corruption Department; Sheila Khama, Director of the Africa Natural Resources Center (AfDB); and Patrick Moulette, Head of the Anti-Corruption Division, Directorate for Financial and Enterprise Affairs, OECD. The discussion will be followed by a press briefing with the panel.
Bribery and corruption risks deter investments and the ability of companies working in Africa to conduct business fairly on a level playing field. The African Development Bank estimates that USD 148 billion are lost to corruption in Africa every year. Illicit trade alone stands at USD 60 billion, representing one and a half time the size of foreign direct investment in Africa or 120% Africa’s foreign aid.
While the legal frameworks of many African countries are changing with the enactment of anti-corruption laws, as well as the setting up of dedicated anti-corruption authorities and greater scrutiny from civil society and the media, it is time for the business to make its case against bribery. The launch of the report will help both the public and private sectors of African countries in their efforts to prevent bribery and improve the quality of corporate compliance and bribery prevention measures.
For more information on the event, please visit: http://bit.ly/2eupCnJ
Official hashtag: #IllicitFinancialFlows