East African countries have admitted they are vulnerable to global money laundering. They are calling for specialised training and increased information sharing to confront the ogre.
A peace and security conference for the East African Community (EAC) in Kampala, Uganda last week, agreed that the region’s security agencies should be computer literate as technology becomes the more preferred channel for committing certain crimes.
The admission gives hope that the region will strengthen its anti-money laundering laws.
“Countries in the region need to do everything in their power to adopt the international standards pertaining to greater scrutiny of financial transactions,” said a communiqué from the conference.
“Client due diligence, honing and sharpening the technical and technological skills of investigators and enforcers, as well as intensifying information sharing between nations and agencies.”
Kenya is yet to make an anti-money laundering law despite the exposure to criminals like the pirates in the Indian Ocean, who have admitted using Kenya and Dubai as their preferred money laundering destinations.
The proposed law is yet to be debated in parliament.
In Uganda, it is only last month that the draft Anti-Money Laundering (AML) Bill was presented to Uganda’s Parliament, where it will be debated over the next two months.
Rwanda Parliament last year approved anti-money laundering and combating the financing of terrorism law.
With the law in place, a Financial Intelligence Unit (FIU), a national agency charged with receiving, processing, analysing and disseminating information relating to suspect financial transactions is to be formed.
It was not clear if this unit has already been formed but, it is such agencies that are expected to be formed across the region to facilitate exchange of information on suspicious financial transactions.
Source: Africa Business Daily by Steve Mbogo
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