African Development Bank and African Development Fund
Bank Group Strategy for the Prevention of Money Laundering and Terrorist Financing in Africa
- Abidjan: AfDB, 2007.
- 31p.
The report focuses on the worrying trends of IFFs in Africa financing conflicts. The international community is concerned with the growing incidence of organized crime, corruption, and terrorism and the debilitating effect these problems have on peace, security and development. A successful strategy to address these international threats necessarily involves measures to address money laundering and the financing of terrorism (ML/FT). Money laundering allows criminals and corrupt officials to enjoy the proceeds of their crime with impunity, while terrorist activities are enabled by those who finance them from the proceeds of crime or other sources. Money laundering can also be a problem in its own right, particularly for small or developing countries with weak or under-regulated financial sectors, because money laundering activities conducted on a large scale can jeopardize the integrity of a national financial system, weaken financial institutions and hinder economic development. Some recommendations are also made for the immediate, but gradual implementation of the strategy.
ADVANCE-FREE FRAUD, ARMS TRAFFICKING, CAPITAL FLIGHT, CAPITAL OUTFLOW
