African experts call for stronger cooperation to combat financial crime
The experts said individual countries cannot effectively tackle money laundering, fraud, terrorism financing and other financial crimes without coordinated efforts, as criminal networks increasingly operate across national borders and exploit gaps in financial intelligence systems.
Moses Kaggwa (fifth left), Director of Economic Affairs at the Ministry of Finance; Linus Enobi Akepe (sixth left), Africa Continental Director at the International Institute of Certified Forensic Investigation Professionals; Finance Minister Henry Musasizi (centre); and Samuel Wandera (seventh right), Executive Director of the Financial Intelligence Authority, pose for a group photograph with other delegates during the Africa Financial Intelligence Summit at Speke Resort Munyonyo on November 9, 2026. (Photo by Mary Kansiime).
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Financial experts from across Africa have called for stronger continental cooperation, intelligence sharing and investment in technology to combat the growing threat of financial crime, warning that criminals are increasingly exploiting digital platforms and weak cross-border enforcement systems to move illicit funds.
The experts said individual countries cannot effectively tackle money laundering, fraud, terrorism financing and other financial crimes without coordinated efforts, as criminal networks increasingly operate across national borders and exploit gaps in financial intelligence systems.
The call was made during the 2nd Africa Financial Intelligence Summit (AFRIS 2026), held at Speke Resort Munyonyo Convention Centre in Kampala on Monday (9th). It brought together delegates from 36 countries, including financial intelligence authorities, law enforcement agencies, regulators, forensic investigators and international partners.
In his opening remarks, the Minister of Finance, Planning and Economic Development, Henry Musasizi, reaffirmed Uganda's commitment to strengthening financial integrity, institutional resilience and continental cooperation in the fight against financial crime.
Musasizi noted that Africa is at a defining moment, as the scale, speed and sophistication of financial crimes continue to evolve alongside the rapid expansion of digital finance, financial technology, virtual assets and cross-border transactions.
He said the changing financial landscape requires African countries to strengthen their institutional capacity, adopt modern investigative technologies and improve cooperation to stay ahead of increasingly sophisticated criminal networks.
"Financial crime is no longer confined by national borders. Criminals are exploiting technology, digital platforms and weaknesses in financial systems to move illicit proceeds across jurisdictions. Our response must therefore be equally coordinated, technologically advanced and intelligence-driven," Musasizi said.
He highlighted Uganda's progress in strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, which contributed to the country's removal from the Financial Action Task Force (FATF) grey list.
He said the certification demonstrates the country's commitment to safeguarding sensitive financial intelligence and strengthening public confidence in its financial systems.
He identified virtual assets, beneficial ownership vulnerabilities, digital financial crime and weaknesses in asset recovery as some of the emerging risks requiring continued attention.
Musasizi challenged African countries to prioritise stronger and timely cooperation among Financial Intelligence Units, invest in technology and cyber resilience, and strengthen mechanisms for tracing, freezing, seizing and recovering proceeds of crime.
"Africa must move beyond technical compliance towards effective, secure and trusted financial systems that protect national resources, strengthen investor confidence and support sustainable economic transformation," he said.
"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," he added.
Musasizi further challenged delegates to translate discussions at the summit into practical interventions, stronger partnerships and lasting institutional capacity.
He said protecting the continent's financial systems is not merely a responsibility of individual governments but a collective obligation.
"Africa's financial integrity is fundamental to its economic transformation. Protecting it is a shared responsibility," he stressed.
He explained that criminals often exploit differences in national laws, enforcement capacity and intelligence systems to conceal illicit transactions and evade detection.
"This summit will form a basis for how countries on the African continent can work together to fight financial crime," Wandera said.
He said bringing together financial intelligence authorities, investigators, regulators and other relevant institutions will provide an opportunity to strengthen partnerships, share experiences and develop coordinated approaches to tackling financial crime.
Linus Enobi Akepe, President of the International Institute of Certified Forensic Investigation Professionals, said Africa loses more than $80b annually through financial crimes and illicit financial flows, a development that undermined economic growth and deprived governments of resources needed for development.
He said the scale of the losses require African countries to move beyond isolated interventions and build a coordinated continental response.
"We need to come together, collaborate and build capacity to fight this serious challenge," Akepe said.
"As a continent, we need to come together and bring on board all the relevant agencies to be able to exchange and share information. Criminals operate very fast, to the extent that a crime committed in Uganda can easily affect people across the borders," he said.
Akepe emphasised the need to strengthen the capacity of investigators and other professionals to detect sophisticated financial schemes, conduct forensic investigations and follow the movement of illicit funds across different financial systems.
He also applauded Uganda for taking a leading role in efforts to combat financial fraud on the continent, describing the country's progress in strengthening its financial intelligence systems as an important example for other African nations.