Turning the tap off illicit money flows
A new African Union (AU) stocktake shows governments are putting scaffolding in place to stem losses from illicit financial flows. “Countries have created laws, registries, and agencies that didn’t exist ten years ago,” the AU High-Level Panel Secretariat noted in an August report. “The challenge now is translating these systems into actual outcomes.” The AU report captures a continent shifting from exposure to execution. Nearly every country has established a financial intelligence unit. Beneficial ownership registries are proliferating. New transfer pricing rules are on the books. Anti-corruption agencies are being retooled with broader mandates. Yet, the scaffolding is uneven. Enforcement…
