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Browsing: MONEYVAL
- Jersey has just been recognized as a global center for responsible finance, demonstrating its commitment to combating money laundering and terrorist financing.
- The island’s achievement has far-reaching implications for the global financial system, including for economies in Africa struggling with money laundering.
- African countries can take lessons on how to establish robust legal and regulatory frameworks for AML from Jersey to help plug vulnerabilities in their financial systems.
The scourge of money laundering continues to be a serious pain point for authorities across Africa, with many countries struggling to fight illicit flows albeit with persistent risks.
Currently, South Africa, the continent’s most advanced economy is under close watch according to the Financial Action Task Force (FATF) to institute tough measures to check money laundering avenues by October 2024.
In West Africa, persistent challenges of human trafficking, poaching, and wildlife trafficking, and runaway corruption continue to weaken the financial system of …