• Friday, November 01, 2024
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More infrastructural investments needed for Africa to tackle financial crimes – Eghaghe

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Vivian Eghaghe, an anti-money laundering expert, has emphasizd the crucial role of infrastructure in combating financial crime in Africa.

Eghaghe stressed that collective efforts by financial institutions, regulators, and law enforcement agencies are essential in disrupting financial crime networks.

She stated that the he staggering cost of financial criminal activity, estimated to be trillions of dollars annually, underscores the importance of collaboration.

“Illicit financial flows (IFFs) in Africa alone cost US$88.6 billion annually, hindering progress and impeding sustainable development goals,” she said in a recent briefing with journalists.

“Adequatejoj infrastructure can facilitate the development of innovative solutions to combat financial crime. As the financial industry continues to evolve, the importance of infrastructure will only continue to grow.” She noted.

Eghaghe notes further that information sharing is critical in identifying patterns and trends that can help prevent financial crimes.

She added that Africa can learn from global best practices in using infrastructure to combat financial crimes. She also stated that advanced data analytics techniques, such as machine learning and artificial intelligence, can empower AML systems to analyse vast amounts of data in real-time.

“Countries like Singapore and the United Kingdom have implemented robust AML frameworks, leveraging technology to detect and prevent financial crimes.”

To enhance AML measures in Africa, she recommends implementing comprehensive AML solutions that encompass transaction monitoring, customer due diligence, risk scoring, and case management.

“Leveraging artificial intelligence and machine learning algorithms can also detect complex money laundering patterns. Strengthening regulatory frameworks by enacting comprehensive AML laws and establishing financial intelligence units (FIUs) is equally crucial.”

She opined that international cooperation and partnerships are vital in exchanging information and sharing best practices.

She said that Africa can benefit from collaboration with global financial institutions and regulatory bodies to stay ahead of financial criminals.

“By investing in infrastructure and adopting these strategies, Africa can fortify its AML efforts, mitigate financial crime risks, and contribute to a more secure and resilient financial ecosystem.”

Eghaghe urges African leaders to prioritize infrastructure development and collaboration to combat financial crimes effectively.

“The fight against financial crime requires a collective effort,” Eghaghe emphasised. “By working together and investing in infrastructure, we can protect our economies and ensure a safer financial environment for future generations,” she added.

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