(3 Minutes Read)
African countries are seeing money laundering as a common problem requiring transboundary solutions. The need for a linked legal framework to tackle the issue is being felt now.
At the 48th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials Conference held recently, officials felt that money laundering abets organized cross-border crimes, such as terrorism, drug trafficking, human trafficking, and poaching.
Money laundering is not only concealing financial benefits obtained from illegal activities but also leads to corruption or embezzlement of public funds as launderers often try to convert the money into some legitimate business. The routes they choose to take are: running nightclubs, land buying and selling, and other businesses to hide their tracks.
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Kenya’s National Treasury Principal Secretary Chris Kiptoo admitted the increasing activity by groups in the eastern and southern Africa regions. He also argued that these regions need special solutions suitable to them, rather than blanket moves that may have worked elsewhere. He further added that the risk must be contextualized and mitigated from a regional perspective.
