The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) has partnered with Seychelles to beef up the pool of in-country assessors who can ensure that progress is being made to prevent money laundering in the country. The secretary of state for finance, Patrick Payet, who chairs the Anti-Money Laundering and Countering the Finance of Terrorism […]
Tag: Capital Flows
Nairobi — Kenya Investment Authority (KenInvest) has unveiled comprehensive measures to enhance investment climate through the launch of its Strategic Plan. The launch followed the recent publication of a draft investment promotion and facilitation bill by KenInvest. The bill is now open for public participation, demonstrating the Government’s commitment to creating an enabling environment for […]
It is estimated that Africa loses more than $50 billion per year to illicit financial flows, the Secretary General of the Commonwealth, Baroness Patricia Scotland, said at the opening of a regional conference for heads of anti-corruption agencies in Africa being hosted by Seychelles. Scotland is urging the countries attending to take stock in order […]
Nairobi — Kenyans in the diaspora have either cut or reduced the amounts of monies that they send back home, coming at a time when major global economies such as USA, UK, Canada, among others, are battling high inflationary pressures. About eight in ten (82 percent) agree that the cost of remitting money has increased […]
Sanctions against Zimbabwe over human rights violations is impacting its ability to secure capital for certain projects. Zimbabwe has managed to mobilise funding for climate-smart agriculture but struggles to attract investment for renewable energy. The country aims to reduce greenhouse gas emissions by 40% across all sectors of the economy by 2030. Washington Zhakata, Zimbabwe’s […]
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Africa: Call For Action!
“It is now seven years since the world adopted the first ever target to reduce illicit financial flows, including corporate tax abuse, following the report of the AU/ECA High Level Panel on Illicit Financial Flows out of Africa. This remains of critical importance with regard to the task to strengthen global efforts in support of […]
According to Mediapart, French authorities have seized a mansion, in the upscale suburbs of Paris at the end of June, suspected of belonging to Denis Christel Sassou Nguesso son of the Congolese President Denis Sassou Nguesso. The mansion is occupied by Denis Christel Sassou Nguesso and his family according to the investigation report. This is […]
Deeply concerned by the huge illicit financial flows (IFFs) from Africa, TrustAfrica, Dakar, Senegal held a two-day capacity building workshop for journalists and media professionals in the West African sub-region working on issues related to IFFs. At the end of the 2-day workshop, which was held from June 23-24, 2022, the participating journalists resolved and […]
Nairobi Kenya — Diaspora remittances to Kenya hit an all-time high of USD 350.6 million(Sh39.7billion) in December, as Kenyans abroad sent home money for the festivities, the Central Bank of Kenya has revealed. According to the latest CBK weekly bulletin, this represented a 9.5 per cent growth compared to the $320.1million(Sh36.2billion) sent in November. In […]
Remittance inflows to Rwanda for 2021 are estimated at around $246 million after a drop to $241 million in 2020 as a result of the Covid-19 pandemic, the latest World Bank’s migration and development analysis show. The analysis showed that remittances to low-and middle-income countries are projected to have grown a strong 7.3 per cent […]
Illicit financial flows (IFF) have gained grip and traction within the international development community. According to some studies, illicit outflows from Africa, for example, surpass the levels of development aid received by the continent. This act deprives countries the resources needed to fund public services, improve infrastructure and fuel economic growth. There is a deliberate […]
The cost of remittances in sub-Saharan Africa was the highest, averaging 8.17 percent in the fourth quarter of 2020 compared with 4.9 percent in South Asia, the lowest average cost. The cost of diaspora remittances from Tanzania to Kenya and Uganda was among the highest in Africa in the past year, averaging between 17 percent […]
Guernsey and Mauritius — International Proximity, one of the longest standing licensed management companies in Mauritius, has become an alliance partner of The ID Register. The ID Register has established in Mauritius, as the investment hub for Africa and Asia, in order to offer one-and-done due diligence delivered with intelligence and sensitivity. Together with International […]
The billionaire daughter of Angola’s ex-president was considered the richest woman in Africa. But the Luanda Leaks scandal brought Isabel dos Santos’ house of cards crashing down a year ago. More than 700,000 leaked documents were made public a year ago by Rui Pinto, a Portuguese hacker and whistleblower who is currently under house arrest […]
Tunis/Tunisia — Civil society organisations have revealed that the value of the funds of the family of former President Zine El Abidine Ben Ali in Switzerland affected by the lifting of the freezing measure is estimated at 320 MD. These organisations call on the President of the Republic to request an extension of the application […]
Africa has been selected to pilot a United Nations-funded project to reduce illicit financial flows. The pilot by the United Nation Conference on Trade and Development (UNCTAD) and the United Nations Office on Drugs and Crime (UNODC) support the project, which is aimed at helping the region achieve the Sustainable Development Goals (SDGs) in the […]
Financial institutions regulated by the Central Bank in Rwanda will face administrative sanctions including losing licenses for financing terrorism, non-compliance with money laundering prevention as well as financing of proliferation of weapons of mass destruction. The new regulation replaces that of 2020 was issued by the Central Bank and has now been published in the […]
At the end of these two days of thinking on illicit financial flows, could you draw a report for us? We have gathered as we always do, using CoDA as a platform for dialogue and debate on matters concerning Africa. We have been here for two days, with this afternoon still ahead, to present the […]