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. They warned 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. It brought together delegates from 36 countries, including financial intelligence authorities, law enforcement agencies, regulators, forensic investigators, and international partners.
Uganda's Commitment to Financial Integrity
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.
Need for Coordinated Efforts
The experts emphasized that effective combat against financial crime requires a unified approach. They called for enhanced intelligence sharing among African nations, investment in advanced technologies such as artificial intelligence and blockchain analytics, and the harmonization of legal frameworks to close loopholes that criminals exploit.
They also stressed the importance of capacity building for law enforcement and regulatory bodies, as well as fostering partnerships with international organizations to track and recover illicit funds.
The summit provided a platform for delegates to share best practices, discuss emerging trends in financial crime, and explore innovative solutions to safeguard Africa's financial systems.
As Africa continues to integrate economically and digitally, the experts agreed that only through collective action can the continent effectively protect its financial integrity and ensure sustainable development.
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