Tracking Progress: Anti-Money Laundering and Countering the Financing of Terrorism in East Africa and the Greater Horn of Africa

Author : Liat Shetret, Tracey Durner, Danielle Cotter, and Patrick Tobin
Date : March 2015

Money laundering and terrorism financing pose significant threats to security and development efforts worldwide and increasingly undermine the integrity and stability of the global financial system. In recent years, there has been increasing political will and tangible progress on anti–money laundering and countering the financing of terrorism (AML/CFT) issues in the region. In order to capitalize on this momentum, the Global Center, supported by the Government of Denmark, has produced a detailed research study of AML/CFT developments and remaining challenges in the region, building on a 2012 also supported by the Government of Denmark, titled “ISSP-CGCC Joint Baseline Study on Anti-Money Laundering and Countering the Financing of Terrorism in the IGAD Subregion.”

The report includes cutting-edge information and analysis from 10 countries: Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan, Tanzania, Uganda, and Yemen. It provides a snapshot of the underlying economic and socio-political climate in each country, followed by an in-depth analysis of AML/CFT developments and achievements, as well as remaining capacity and implementation challenges. The report includes recommendations for initiatives that support jurisdictions in addressing capacity challenges and building more robust AML/CFT regimes and discusses regulatory challenges and financial inclusion opportunities posed by emerging technologies, such as mobile banking, within the region.

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