Boychild

AFRICA URGED TO TIGHTEN FINANCIAL DEFENSES AS ILLICIT FLOWS DRAIN RESOURCES FOR DEVELOPMENT KAMPALA — Africa must urgently strengthen its financial intelligence and enforcement systems to stop illicit financial flows and financial crimes from draining resources needed for economic transformation, infrastructure, healthcare, education and job creation, senior officials and financial crime experts have warned. Speaking at the 2nd Africa Financial Intelligence Summit (AFIS 2026) this morning in Kampala at Speke Resort Convention center, representatives from Uganda and across the continent called for stronger institutions, greater use of technology, enhanced intelligence sharing and deeper cross-border cooperation to protect Africa’s financial systems and recover resources lost through financial crimes. Representing the Permanent Secretary/Secretary to the Treasury (PS/ST) @rggoobi , Ministry of Finance, Planning and Economic Development, Mr Moses Kaggwa, Ag. Director economic affairs at the ministry of finance said illicit financial flows undermine Africa’s development by diverting resources away from critical national priorities. He called for stronger coordination among government institutions, financial sector players and other stakeholders, supported by effective public-private partnerships, intelligence sharing and collective action. The Executive Director, Mr Samuel Wandera, urged African countries to strengthen financial intelligence systems through technology, institutional capacity and closer collaboration among Financial Intelligence Units. He emphasized that effective cross-border cooperation and timely information sharing are critical to combating money laundering, financial crime and illicit financial flows, as well as recovering stolen assets. Dr Linus Enobi Akepe, a senior financial crime and governance advisor from Cameroon, stressed that protecting Africa’s wealth requires accountability, professionalism and strong financial institutions. He called for greater investment in skills, forensic investigation capabilities and modern tools to enable institutions to detect, investigate and prevent financial crime effectively. The speakers emphasized that Africa’s fight against financial crimes must move beyond isolated national efforts towards coordinated continental action capable of protecting public resources and ensuring that Africa’s wealth works for its people. #AFRIS2026