RegulationCorporate GovernanceAfrican money laundering criminals to be targeted

African money laundering criminals to be targeted

FATF is to centre its activities on money laundering in Africa

The world’s senior anti-money laundering body, the Financial Action Task
Force (FATF), is to focus on criminal activity in Africa, it was announced
following a meeting of the international organisation, in Cape Town last week.

FATF members approved a strategy where its officials and those of the Eastern
and Southern Africa Money Laundering Group ‘work together more aggressively to
combat money laundering and terrorist financing in the region’.

FATF decided to retain Nigeria (and Myanmar) on its list of countries with
inadequate anti-money laundering legal regimes. A communiqué said it was
‘encouraged by the progress’ made by the Nigerian government, but urged
sufficient further reforms so it can be removed from the list.

Meanwhile, FATF is to release a report on the links between corruption
worldwide and money laundering (and terrorist financing). Other issues being
investigated by its experts include the money laundering vulnerabilities of new
payment technologies, the misuse of corporate vehicles and trusts, trade-based
laundering, and complex illicit money schemes involving South America.

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