Experts Meet In Kenya to Combat Money Laundering, Terrorism Financing In Africa

NAIROBI, Xinhua: African financial experts kicked off a two-day meeting on Tuesday in Nairobi, the capital of Kenya, to seek ways of combating money laundering and countering the financing of terrorism in Africa.

Convened by the International Federation of Accountants (IFAC) and co-hosted with the Pan African Federation of Accountants (PAFA) and the Institute of Certified Public Accountants of Kenya, the IFAC Connect Africa 2025 brought together more than 200 delegates, comprising financial experts, regulators and professional accountants from across Africa, to enhance transparency in the financial sector.

IFAC’s Chief Executive Officer (CEO) Lee White highlighted the critical role that accountants play in safeguarding financial integrity through strengthening regional collaboration.

“By equipping professionals with the right skill sets, Africa can enhance the fight against money laundering and the financing of terrorism,” White added.

Boniface Barasa Makokha, Kenya’s principal secretary of the State Department for Economic Planning, said Kenya has achieved progress in tackling money laundering and terrorism financing through strengthening its institutional frameworks.

Makokha added that Africa countries are committed to improving information sharing to coordinate investigations and prosecution of transnational crimes such as money laundering.

PAFA CEO Alta Prinsloo urged the continent to scale up investments in professional training and digital tools that detect suspicious financial transactions.

Prinsloo noted that combating financial crimes is a priority in Africa because the continent loses an estimated 50 billion U.S. dollars every year through illicit financial flows, which undermines development.