Ministers and financial experts met in Kigali to strengthen regional efforts against money laundering and terrorist financing.
Eastern and Southern African nations are losing an estimated $88 to $90 million each year to illicit financial flows, a challenge that prompted a high-level meeting in Kigali. The 26th Council of Ministers meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) convened ministers, government officials, and financial crime experts to bolster regional strategies against money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
The meeting, themed "From Technical Compliance to Demonstrable Outcomes," addressed the increasing sophistication of criminal networks exploiting digital financial services, cross-border transactions, and complex corporate structures. Rwanda's Minister of Finance and Economic Planning, Yusuf Murangwa, noted that while Rwanda has improved its anti-money laundering systems, challenges persist. He emphasized the meeting's importance for assessing progress, identifying gaps, and agreeing on practical measures for system effectiveness.
Outgoing Director General of Rwanda’s Financial Intelligence Centre, Gashumba Jeanne Pauline, urged a shift from mere compliance to demonstrating tangible results. She stated that effectiveness should be measured by outcomes like stronger financial intelligence, successful prosecutions, asset recovery, and the disruption of criminal networks. President of the Senate Dr. François-Xavier Kalinda highlighted that the same financial systems driving economic growth can be exploited by criminals and called for enhanced regional cooperation, as countries cannot effectively combat financial crime independently.
Why it mattersGovernments and financial institutions across Eastern and Southern Africa are affected by the significant annual losses due to illicit financial flows, necessitating stronger regional cooperation and demonstrable outcomes in anti-money laundering efforts.
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