Overview:
Financial crime experts and senior government officials say weak institutions, limited intelligence sharing and inadequate cross-border cooperation continue to undermine efforts to detect financial crimes, recover stolen assets and protect public resources.
KAMPALA. African countries have been urged to strengthen financial intelligence and enforcement systems to curb illicit financial flows and financial crimes that deprive governments of resources needed to fund development.
Financial crime experts and senior government officials say weak institutions, limited intelligence sharing and inadequate cross-border cooperation continue to undermine efforts to detect financial crimes, recover stolen assets and protect public resources.
Speaking at the second Africa Financial Intelligence Summit (AFIS 2026) at Speke Resort Convention Centre in Kampala on Monday, the officials called for greater investment in technology, institutional capacity and collaboration among countries to safeguard Africa’s financial systems.
Mr Moses Kaggwa, the acting director of economic affairs at the Ministry of Finance, Planning and Economic Development, who represented the Permanent Secretary and Secretary to the Treasury, Mr Ramathan Ggoobi, said illicit financial flows divert resources from critical national priorities.
He said the challenge required stronger coordination among government institutions, financial sector players and other stakeholders, backed by effective public-private partnerships and intelligence sharing.
Mr Samuel Wandera, the Executive Director, called on African countries to modernise their financial intelligence systems through technology, improved institutional capacity and closer cooperation among Financial Intelligence Units (FIUs).
He said timely exchange of information and cross-border collaboration were critical in tackling money laundering, other financial crimes and illicit financial flows, as well as tracing and recovering stolen assets.
Dr Linus Enobi Akepe, a financial crime and governance adviser from Cameroon, said protecting Africa’s wealth also depended on accountability, professionalism and strong institutions.
He called for increased investment in specialised skills, forensic investigation capabilities and modern tools to help institutions detect, investigate and prevent financial crimes.
The speakers said efforts to combat financial crime should move beyond isolated national interventions towards coordinated continental action that protects public resources and ensures Africa’s wealth benefits its people.
They warned that without stronger enforcement and cooperation, resources that could support infrastructure development, healthcare, education and job creation would continue to be lost.