Regional Conference In Africa To Fight Illicit Financial Flows Begins

(MENAFN- The Peninsula) Xinhua

Kampala: Financial experts in Africa convened in Kampala, Uganda, on Monday for a five-day conference focused on establishing strategies to counter the expanding threat of illicit financial flows (IFFs) driven by digital technologies, complex banking systems, and cross-border criminal syndicates.

The Africa Financial Intelligence Summit 2026 has brought together delegates from 36 countries under the theme "Securing Africa's Financial Future Intelligence, Innovation and Integrated Enforcement in an Era of Borderless Financial Crime."

Uganda's Minister of Finance, Planning and Economic Development Henry Musasizi said Africa was at a defining moment as financial crime continued to grow in scale, speed and sophistication alongside the rapid expansion of digital finance, financial technology, virtual assets and cross-border transactions.

According to a statement posted by his ministry on the social media platform X, Musasizi called on African countries to strengthen real-time cooperation among financial intelligence units, noting that financial crime transcends national borders.

He also underscored the need to enhance technological and cyber resilience, including through advanced capabilities in artificial intelligence, blockchain analytics, and cyber and digital forensics.

Musasizi said illicit proceeds must be traced, frozen, seized and recovered for the benefit of African economies and their citizens.

"Let this Summit strengthen our institutions, sharpen our intelligence, deepen our cooperation and ensure that Africa's financial systems increasingly work for Africa's development," said Musasizi.

The summit has brought together representatives of financial intelligence units, law enforcement agencies, regulatory authorities, forensic investigators and international partners.

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