Regional practitioners call for unified front against financial crime

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High-ranking financial experts and leaders from across Eastern and Southern Africa convened in Kampala on Wednesday (April 2) for the opening ceremony of the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials Meetings.

The event, held at Speke Resort Munyonyo, saw a strong call for enhanced regional collaboration to combat money laundering, terrorism financing, and proliferation financing.

The conference follows renewed calls from financial sector experts urging stronger collaboration between the public and private sectors to combat money laundering.

The Anti-Money Laundering and Financial Crime Public-Private Sector Dialogue, recently held in Kampala, highlighted trade-based money laundering as a major concern, costing Uganda over $6.6b (sh24.2 trillion) in lost trade income, with gold and petroleum products among the most affected.

(L-R): Frezer Ayalew, Chairperson of the Task Force of Senior Officials, Fikile P. Zintha, Executive Secretary, ESAAMLG, Kiryowa Kiwanuka, Attorney General, Rt. Hon. Robinah Nabbanja, Prime Minister of the Republic of Uganda, Norbert Mao, Minister for Justice and Constitutional Affairs and Henry Musaasizi, State Minister for Finance, during the official launch of the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference at Speke Resort Munyonyo on Wednesday, April 2, 2025. (File/Mpalanyi Ssentongo/New Vision)

Illicit financial flows

Uganda's Prime Minister Robinah Nabbanja, representing President Yoweri Kaguta Museveni, officially opened the meetings.

Rt. Hon. Robinah Nabbanja, Prime Minister of the republic of Uganda, representing President Museveni. (File/Mpalanyi Ssentongo/New Vision)

In his speech, Museveni emphasized the significant threat posed by illicit financial flows.

“Money laundering and the financing of terrorism and proliferation of weapons of mass destruction are not mere financial crimes. They pose direct threats to our national security, economic stability and development.”

The President highlighted the transnational nature of these crimes, stressing the necessity of regional and global cooperation.

He cited recent reports indicating that Africa loses billions of dollars annually due to illicit financial flows stemming from organized crime, corruption, and tax evasion.

He acknowledged the ongoing efforts of the Financial Action Task Force (FATF) and ESAAMLG in pushing for stronger anti-money laundering (AML) and combating financing of terrorism (CFT) measures, but cautioned that criminal networks are constantly adapting their methods.

Museveni also drew attention to the specific threats facing the Eastern and Southern African region, including terrorist groups like Al-Shabaab and Islamic State (IS), as well as the emerging challenges posed by rapid digitalization in facilitating online recruitment, radicalization, and fundraising.

He affirmed Uganda's commitment to combating these threats, highlighting the strengthening of legal frameworks and institutions, and increased collaboration with regional and international partners.

In addition, the Ugandan president commended ESAAMLG for its role in fostering regional cooperation and acknowledged Uganda's recent removal from the FATF "grey list" in 2024.

The Head of the Uganda Delegation and Permanent Secretary/Secretary to Treasury, Ramathan Ggoobi, echoed the president’s sentiments, emphasizing the growing complexity and scale of financial crimes.

Ramathan Ggoobi, Permanent Secretary & Secretary to the Treasury (PSST). (Credit: Mpalanyi Ssentongo)

He underscored the vital role of ESAAMLG in fostering regional cooperation and strengthening compliance with international standards.

Ggoobi reaffirmed Uganda's commitment to implementing FATF standards and highlighted the progress made in reforming the national AML/CFT regime, including capacity building, public-private partnerships, and international cooperation.

He also acknowledged the importance of the ESAAMLG Mutual Evaluations in driving meaningful reforms.

Finance minister Matia Kasaija provided concrete examples of Uganda's progress in strengthening its AML/CFT regime.

He announced Uganda's removal from the FATF "grey list" due to the satisfactory implementation of all identified deficiencies.

Kasaija also highlighted amendments to key laws, the enhanced role of the Financial Intelligence Authority (FIA), the adoption of a risk-based approach to supervision, the completion of the second National Risk Assessment, and the establishment of functional coordination mechanisms.

He further noted the progress made by law enforcement agencies in investigating and prosecuting financial crimes and the increased engagement with the private sector to raise awareness and build capacity.

On his part, FIA executive director, Samuel Were Wandera, expressed his appreciation for the strong regional participation in the meetings.

He reiterated the Ugandan government's firm commitment to fighting financial crimes and thanked the finance ministry for fully funding the event.

Wandera urged delegates to focus on actionable strategies to strengthen the collective response to financial crimes, emphasizing the importance of information sharing, capacity building, and the harmonization of policies.

The executive secretary of ESAAMLG, Fikile P. Zitha, appreciated Uganda for hosting the meeting and added that it’s a strong commitment exhibited by the government towards combating money laundering, terrorism financing, and proliferation financing.

Frezer Ayalew, Chairperson of the Task Force of Senior Officials & Director of supervision, National Bank of Ethiopia. (Credit: Mpalanyi Ssentongo)

The ceremony was also attended by among others, the Chairperson of the Task Force of Senior Officials, Frezer Ayalew, Director of Supervision, National Bank of Ethiopia, Judges and National Bank Governors from member states.

The Prime Minister of the Republic of Uganda, Rt. Hon. Robinah Nabbanja (Green coat), with some of Uganda Government officials and delegates from different countries posing for a group photo after the official launch of the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference at Speke Resort Munyonyo on Wednesday, April 2, 2025. (File/Mpalanyi Ssentongo/New Vision)

The Prime Minister of the Republic of Uganda, Rt. Hon. Robinah Nabbanja (Front row centre), with some of Uganda Government officials and delegates from different countries posing for a group photo after the official launch of the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference at Speke Resort Munyonyo on Wednesday, April 2, 2025. (File/Mpalanyi Ssentongo/New Vision)

The opening ceremony concluded with a renewed commitment from member states to work collaboratively to safeguard the integrity of the global financial system and combat illicit financial flows in the Eastern and Southern Africa region.

(L-R) Attorney General Kiryowa Kiwanuka, Finance State Minister Henry Musasizi and the Permanent Secretary/Secretary to the Treasury (PSST) Ramathan Ggoobi, interacting after the official launch of the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference at Speke Resort Munyonyo on Wednesday, April 2, 2025. (Photo by Mpalanyi Ssentongo)

The Task Force of Senior Officials will continue their indoor meetings over the coming days to deliberate on specific strategies and initiatives.