What: Launch of Action Plan for Anti-Money Laundering and Combatting Illicit Financial Flows
Who: The African Development Bank Group
When: February 25, 2025; 10:45 AM – 1:25 PM (GMT)
Where: Virtual occasion through Zoom
The African Development Bank will launch its new three-year Action Plan for Anti-Money Laundering and Combating Illicit Financial Flows (2024-2026) via a web-based occasion on February 25, 2025. The occasion will deliver collectively consultants to debate sensible options for safeguarding Africa’s monetary assets from felony actions.
Research reveals that Africa’s losses from illicit monetary flows have practically doubled from $50 billion yearly in 2015 to $90 billion in 2020. This represents 3.7% of the continent’s complete financial output and practically equals the mixed overseas funding and help Africa receives every year.
While cash laundering and illicit monetary flows have an effect on all nations, their influence hits African nations hardest, particularly these recovering from battle or with restricted assets. These actions weaken governments and threaten safety, usually funding long-running conflicts and making it more durable for nations to gather income and generate assets.
The new motion plan will present a framework to assist African nations construct stronger methods to detect and stop cash laundering and illicit monetary flows. It will showcase the significance of collaboration between the Bank, regional member nations, and growth companions to fight monetary crimes.
Member nations and regional and worldwide consultants will share their experiences combating cash laundering and illicit monetary flows. They will talk about how the Action Plan can strengthen these efforts. The dialogue will present how stopping monetary losses can enhance native revenues, assist financial stability, and promote sustainable growth throughout Africa.
Source African Development Bank Group
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