Illicit and illegal activity needs the financial system. For crime to pay, criminals need to launder the proceeds of their crimes and those exploiting vulnerable people for financial gain need to disguise the source of their wealth. Across the world, criminals and terrorists are constantly looking for weak points in the financial system – and there are many reasons why Africa is seen as particularly vulnerable.
In this report, we will assess the current state of:
- Africa’s anti-money laundering
- Countering the financing of terrorism (AML/CFT) regulations
- Discuss steps that can be taken to address ongoing risks