The Need for Effective Leadership is to Promote the fight against Financial Crime in Africa and help to advance Africa Trade Development Agenda
Financial Crime is a major African problem, and combating it requires effective leadership at all levels.
Africa remains at high risk of Financial Crime distress, and the risks have risen in the context of recent large fiscal deficits...
All sectors of African’s Leadership must either act now or never! African Leaders often say that criminal activities are like a lifestyle in the African’s continent: but if left undealt with, the consequences will have adverse effect and will destroy the economic development of Africa and lessen the trust in our Public and Private Institutions. Similarly, leaders must build up effective Political governance within their institutions, the Will and capacity needed to crack down on Financial Crime agents or agencies in the areas of Money Laundering, Counter Terrorism Financing, Fraud, Drug deals, Bribery and Corruption and smugglers, why? Because these criminals have a lot of criminal strategies to evade our African Territories – for example, if they are restricted in the land routes – they would use sea routes- when they are restricted on the seas they use the air. That’s why targeted interventions often have limited impact on Financial Crime and criminal activities in Africa: we need to look at the Leadership capacities and effectiveness in pursing the African Continental Free Trade Zone Area agenda as a big picture, besides the good initiatives and benefits therein it also has negative sides effect of its to tell the whole story of how the criminals are moving on Roads, Seas and air (aviation industry), and the poor border crossing security Agencies of Nations in Africa. This Book intends to tell the story of the poor suffering African’s people with few livelihood options. It is a complex story, with many interconnections; at the heart of which the African Continental Free Trade Zone area lies. While Africa has spread a plethora of beneficial innovations around the world, it has also had many negative consequences in both large and small countries through illicit financial outflows: in fact, security problems in the entire nations of Africa are closely related to the development challenges posed by the Money Laundered to finance Terrorism and Civil Conflicts of Africa. Though the side effects of Financial Crime are particularly strong in the African’s poorest countries those least equipped to respond to these impacts are more vulnerable.
This Book looks at how the role of effective Leadership contributes in the fight beyond specific countries Against Financial Crime and illicit financial flows (fin-iffs) in the African region. The Book zeroed in on Financial Crime, illicit Financial Flows, like Money Laundering, Bribery and Corruption and illicit trade to illustrate the larger scale and the need for effectiveness of African Leaders to combat this menaced:
STRATEGIES FOR IMPROVING MONITORING AND SUPERVISORY SKILLS FOR EFFECTIVE LEAD...PROF. PAUL ALLIEU KAMARA
ABSTRACT
The study's goal is to look into and predict the difficulties of effective Leadership in both Public and Private sector experienced in the 2024 AML/CFT and to strengthen their Leadership monitoring and supervisory ability and positions in the Fight against Financial Crime for the year ahead, and to alleviate the negative consequences and impact on professional in the Financial Institutions and we also seek to access their trainings, management objectives, motivation, and communication on supervisory roles. The study established four objectives: (1) The hypotheses: investigated reveals that professional training has a favorable influence on supervisory skills, (2) AML has less trained professional and less significance effect on supervisory skills, (3) No Motivations has less or no effect on supervisory skilled Personnel, (4) and none professional Communication posed by supervisory leadership positions have a negative association to the work of AML. Traditional statistical procedures were used to test the results, as well as the usage of chi-square to evaluate significant levels. The suggestions offered would assist leaders in Sierra Leone’s Financial and Business Institutions system in improving their supervision and Monitoring abilities and competencies by using predictive Technologies in the year 2024.
The national anti corruption conference 2014Lwazi L.
The purpose of the National Anti-Corruption Conference 2014 is to lobby for multi-sectoral collaboration and standardisation in the fight against corruption in South Africa. The Conference provides an opportunity for high-level
government and business representatives, as well as civil society, to examine best practices for combating corruption with a particular focus on; promoting transparency and integrity in organising sport and other major events and
establishing cutting-edge measures for governments and business to combat corruption.
Africa is home to entrepreneurs who are spurring the continent's growth in unique and dynamic ways. More: http://knlg.net/1QJ426P
Knowledge@Wharton recently joined Katherine Klein, Wharton management professor and vice dean for the Wharton Social Impact Initiative, and Nick Ashburn, the Initiative’s director of emerging markets, at the African Leadership Network’s 2015 annual gathering where they interviewed 18 entrepreneurs and executives who are leading, launching, scaling and supporting businesses across the continent.
STRATEGIES FOR IMPROVING MONITORING AND SUPERVISORY SKILLS FOR EFFECTIVE LEAD...PROF. PAUL ALLIEU KAMARA
ABSTRACT
The study's goal is to look into and predict the difficulties of effective Leadership in both Public and Private sector experienced in the 2024 AML/CFT and to strengthen their Leadership monitoring and supervisory ability and positions in the Fight against Financial Crime for the year ahead, and to alleviate the negative consequences and impact on professional in the Financial Institutions and we also seek to access their trainings, management objectives, motivation, and communication on supervisory roles. The study established four objectives: (1) The hypotheses: investigated reveals that professional training has a favorable influence on supervisory skills, (2) AML has less trained professional and less significance effect on supervisory skills, (3) No Motivations has less or no effect on supervisory skilled Personnel, (4) and none professional Communication posed by supervisory leadership positions have a negative association to the work of AML. Traditional statistical procedures were used to test the results, as well as the usage of chi-square to evaluate significant levels. The suggestions offered would assist leaders in Sierra Leone’s Financial and Business Institutions system in improving their supervision and Monitoring abilities and competencies by using predictive Technologies in the year 2024.
The national anti corruption conference 2014Lwazi L.
The purpose of the National Anti-Corruption Conference 2014 is to lobby for multi-sectoral collaboration and standardisation in the fight against corruption in South Africa. The Conference provides an opportunity for high-level
government and business representatives, as well as civil society, to examine best practices for combating corruption with a particular focus on; promoting transparency and integrity in organising sport and other major events and
establishing cutting-edge measures for governments and business to combat corruption.
Africa is home to entrepreneurs who are spurring the continent's growth in unique and dynamic ways. More: http://knlg.net/1QJ426P
Knowledge@Wharton recently joined Katherine Klein, Wharton management professor and vice dean for the Wharton Social Impact Initiative, and Nick Ashburn, the Initiative’s director of emerging markets, at the African Leadership Network’s 2015 annual gathering where they interviewed 18 entrepreneurs and executives who are leading, launching, scaling and supporting businesses across the continent.
Report - The Prosperity Index In Africahamishbanks
Entrepreneurs play a key role in fostering wealth and wellbeing for ordinary Africans; entrepreneurs are "enablers of growth" who break down economic barriers and social constraints.
Illicit financial flows main report englishZELA_infor
This Report reflects the work that the High Level Panel on Illicit Financial Flows
has carried out since it was established in February 2012, particularly to:
> Develop a realistic and accurate assessment of the volumes and
sources of these outflows;
> Gain concrete understanding of how these outflows occur in Africa,
based on case studies of a sample of African countries and;
> Ensure that they make specific recommendations of practical, realistic,
short- to medium-term actions that should be taken both by Africa and
by the rest of the world to effectively confront what is in fact a global
challenge.
This Report reflects the work that the High Level Panel on Illicit Financial Flows
has carried out since it was established in February 2012, particularly to:
> Develop a realistic and accurate assessment of the volumes and
sources of these outflows;
> Gain concrete understanding of how these outflows occur in Africa,
based on case studies of a sample of African countries and;
> Ensure that they make specific recommendations of practical, realistic,
short- to medium-term actions that should be taken both by Africa and
by the rest of the world to effectively confront what is in fact a global
challenge.
International Business Practices IP #4Michelle SattenProfessor.docxmariuse18nolet
International Business Practices IP #4
Michelle Satten
Professor Asefaw Indrias
December 16, 2013
Introduction
Opening an office in Johannesburg would ensure a more efficient management of the bank’s assets in the African region. A local presence will allow the bank to extend its coverage of markets in Africa, and will facilitate its round the clock operations on the foreign exchange market for example, to enforce the minimum exchange rate. To reduce concentration risk, the bank should aim for a broad diversification of its investments, and it is important turn to new markets so as to facilitate this. Africa’s economic importance is growing considerably in modern years, similar to its bond and stock markets.
Challenges in the new environment
Macroeconomic Policy. Macroeconomic policy had direct relation to budget deficit and price rises rate, which auxiliary affect the economic constancy. Macroeconomic guiding principles of African countries are still going through reforms, and faces significant restraints like crime restrictive fiscal and monetary policies, low domestic savings, low skill levels, labor market rigidities and inadequate levels of FDI.
Labor Market. Though population in African countries is extremely high, the percentage of people in employment is rather very low. Squat employment and elevated unemployment rate, coupled with unfairly dispersed educational qualifications is a stern disadvantage for labor market. An additional problem companies face is absence of skilled manual labor and low litheness of labor market.
Economic Inequality and Poverty. Deficiency in Africa is characterized by ethnic and regional magnitudes, and as per studies, more than 75% of poor people live in countryside areas. Besides severe levels of poverty, lofty levels of disparity of wealth and income co-exist in the economies. South Africa is one of the most developed economies in Africa yet it is also the country with highest economic inequality.
Political Instability. Political instabilities are a sensitive issue for foreign investors and one of the biggest reasons to drive them away. Internal tensions, coups, border conflicts etc have been common in history of African economies. Occasionally, even though a country is politically firm, conflicts faced by neighboring countries have negative impact on their economy.
Political and legal systems in Johannesburg
South Africa's legal system, similar to the rest of the political system, was thoroughly transformed as the apartheid-based constitutional system was rationalized during the early 1990s. Nonetheless, many laws not related to apartheid unrelated to be rooted in the older legal system. Thus, the justice structure after 1994 reflected elements of both the apartheid-era system and fair reforms.
South Africa has an amalgam or 'mixed' legal system, fashioned by interweaving of a number of different legal traditions: a civil law system hereditary from the Dutch, a common law system hereditary from the .
ABSTRACT
On March 21, 2018, at the 10th Extraordinary Summit of the African Union, Close to Fifty (50) African Union Member States
signed the African Continental Free Trade Area (AfCFTA) agreement, thereby creating the largest free trade area in the world. The
agreement officially entered into force on May 30, 2019, after ratification of the agreement by 22 countries. As of 31 May 2022,
only 43 of the 54 African countries that signed the Agreement Establishing the AfCFTA in March 2018, had deposited Instruments
of Ratification with the Chairperson of the African Union Commission.
But while the AfCFTA is seen as a means of promoting economic growth and investment between African states, it also has a
darker side. Like the Free Trade Zones in Morocco, Gambia, Djibouti and Nigeria, it carries the potential exposures to illicit trade
and financial crime, including but not limited to illicit finance activity, drug trafficking and trade-based money laundering.
This research provides Authorities managing Free Trade Zones, Business Enterprises, Financial Institutions and Dedicated Free
Zone Customs, Police and Immigration Command assigned to deal with aspects of movement of goods and persons in and out of
the Free Zones with a clear understanding of the cross-border financial crime risks associated with the African Continental Free
Trade Area and the risk control measures that combines human intelligence with artificial intelligence, machine learning technology
and robotic process automation to combat cross-border financial crimes in the African Continental Free Trade Area.
This research paper advocates for public-private partnerships through the collective action theory. A partnership between
Authorities managing Free Trade Zones, Business Enterprises, Financial Institutions and Dedicated Free Zone Customs, Police and
Immigration Command assigned to deal with aspects of movement of goods and persons in and out of the Free Zones for information
sharing can help identify and report potential financial crimes.
While many Authors have written research papers on intra-African trade, none of those research papers explained how countries
can assess and mitigate financial crime risks in free trade zones. This research paper describes the ways in which cross-border
financial crime risks can be assessed and adequately addressed by the authorities managing Free Trade Zones. This research paper
analyses the risk assessment topic in line with the African Continental Free Trade Area with a focus on Free Trade Zones in Nigeria.
This research paper would help authorities managing Free Trade Zones, commercial organisations and business enterprises to
identify, prevent and mitigate cross-border financial crime risks. Zone managements and Business enterprises that implement the
risk-based approach, in line with the guidance given in this research paper, will be well-placed to avoid the consequences of
inappropriate de-risking behaviour.
Political economy, Asian tigers success, Causes of Africa's poor economic performance, 'begging bowel' of Africa, poverty amidst wealth, foreign aid is a prison.
Publication - "The private sector, driving force to africa's growth"AFRICA CEO FORUM
Prior to the 2015 AFRICA CEO FORUM, the organisers are publishing a report called “The private sector, driving force of Africa’s growth.” The purpose of this first-of-its-kind document is to share with as many people as possible the up-to-date issues discussed during previous editions of the AFRICA CEO FORUM. It voices the thoughts of African CEOs on the development of capitalism in Africa.
www.theafricaceoforum.com
The paper analyses the history and current status of financial inclusion in Malawi and its associated impact on individual, societal, and overall nation development. Through a review of past literature on financial inclusion and a survey on individuals’ opinions on financial services availability and affordability, the study reveals that financial inclusion has a direct relationship with economic performance and that individual economic independence, financial literacy, and accessibility play crucial roles in determining the levels of financial inclusion in an economy.
Is impact investing gaining grounds in africa with a bark or bite...by arrey ...ivo arrey
This article explores modern trends towards impact investing in Africa. It touches on positive windows for the instrument while highlighting major challenges and the way forward. It is based on academic research/literature and field work by the African Centre for Community and Development.
Author: Arrey Mbongaya Ivo
Background paper on gender responsive financial inclusion in africaDr. Jack Onyisi Abebe
This background paper highlights the current situation regarding gender responsive financial inclusion in Africa. It also highlights the key barriers that contribute towards creating and sustaining the gender gap in financial inclusion, including collateral challenges; the gender-blind approach to financial inclusion by financial institutions; asset ownership challenges among women; uncompetitive and high interest rates and bank charges offered by financial institutions; poor documentation and business history for accessing financial loan products by women entrepreneurs; challenges of formalization of businesses by women entrepreneurs among others. The paper also outlines concrete actions that all stakeholders and duty bearers should take to address the gender gap in financial inclusion in Africa.
This paper reports that financial inclusion for women, specifically access and usage of financial services and products is increasingly attracting great attention. Research and data reveal a trend in reducing the gender gap in access to and utilization of financial services with the introduction of digital literacy and mobile financial services and products in Africa. Although women are lagging behind men, women’s participation in financial inclusion has improved economic growth and better living standards in society. A synopsis is given of entrepreneurship and financial inclusion in Africa and of the methods through which financially excluded women could explore to improve their participation and benefit. Financial position and participation of women in financial inclusion were the focus of discussions by different actors, women entrepreneurs and stakeholders in a workshop gathering at the SEED Africa symposium held in Nairobi in 2016. The substance of the background paper is drawn from those discussions. The emerging good practices and innovative solutions together with the valued comments from participants are published herewith.
THE LEADERSHIP TO CHANGE THE WOLRD THIS IS YOUR HOUR PURSUES YOUR GIFT, TALEN...PROF. PAUL ALLIEU KAMARA
INTRODUCTION
You are currently viewing How Can Great Leaders Change the World for the Better?
How Can Great Leaders Change the World for the Better?
People resist change. Whether it’s a small habitual change or a large societal change, our society is known for hindering this extraordinary process. While most people never try and some try and fail miserably, some are the torchbearers of change. These leaders envision a different world and then make their dreams come true.
That being said, this process is not easy. Leaders, even the most resilient ones, have to go through many challenges and face many hurdles before they can transform an organization or society. It may appear like a daunting task, but it is certainly not impossible.
If you want to make history and become one of the great leaders, you need to acquire certain success-worthy traits. We have highlighted all the information you need in this article. So without further ado, let’s get started.
9 Steps Leaders Can Champion Change
Most people want to bring about a substantial change. However, they lack the basic guidelines. Here are the 9 steps you need to follow if you want to be the torchbearers of change.
Identify the Problem: What Is Wrong With the Status Quo?
Be Courageous Enough to Challenge the Status Quo
Build a Team That Stands by You Through Thick and Thin
Lay Out a Clear Plan: Don’t Leave Anything to the Imagination
Be true to yourself
Celebrate small wins and always look forward
Cultivate inclusivity and diversity
Choose the right time to divulge information
Evolve and change with time
LEADERSHIP AND CORPORATE CHARACTER KNOW THE IMPORTANCE OF CORPORATE CHARACTERPROF. PAUL ALLIEU KAMARA
INTRODUCTION
WHAT IS CHARACTER
What is the definition of a character?
Britannica Dictionary definition of CHARACTER. 1. [Count]: the way someone thinks, feels, and behaves: someone's personality — usually singular. He rarely shows his true character—that of a kind and sensitive person.
Leadership vs Character
Great leadership is a combination of competence, character, and commitment. Character is an individual's unique combination of internalized beliefs and moral habits that motivates and shapes how that individual relates to others.
Why Character Matters in Leadership
Every leader wants to be successful. But sometimes, the results achieved come at the cost of character. Civil rights leader Martin Luther King Jr. suggested that the most dangerous person is likely gifted with reason but no morals. A blind passion for results damages a leader's reputation and the organization. Evidence from workplace studies on the benefits of character suggests that leaders with high character scores outperform others on company performance metrics. Leadership behaviors guide actions, but a leader's character determines how and if the leader acts. Great leadership is a combination of competence, character, and commitment. This article provides three practical steps to help you develop your character strengths and pass your next character test.
Why is Character Important to Your Success?
Leadership creates moments not defined by policy or procedures - situations where leaders have to choose between right and right.
Every day you make character decisions, consciously or unconsciously, such as between speed or quality and long-term or short-term results. The impact of these decisions either reinforces your team's desired or undesired thoughts, feelings, and behaviors.
Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate, only love can do that. Martin Luther King, Jr.
In a study of executive leaders and their organizations over a two-year period, CEOs who scored high on aspects of character had an average return on assets (ROA) of 9.35%, in contrast to CEOs with low ratings had a ROA of 1.93%.
Leadership character is shown to align the leader-follower relationship, increasing both leader and follower productivity, effectiveness, and creativity. Leadership character plays a vital role in unifying a team.
Followers will give more when they respect the leader's character. A focus on helping others is essential to providing effective strategic leadership. Also, character helps leaders navigate change more effectively.
More Related Content
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Report - The Prosperity Index In Africahamishbanks
Entrepreneurs play a key role in fostering wealth and wellbeing for ordinary Africans; entrepreneurs are "enablers of growth" who break down economic barriers and social constraints.
Illicit financial flows main report englishZELA_infor
This Report reflects the work that the High Level Panel on Illicit Financial Flows
has carried out since it was established in February 2012, particularly to:
> Develop a realistic and accurate assessment of the volumes and
sources of these outflows;
> Gain concrete understanding of how these outflows occur in Africa,
based on case studies of a sample of African countries and;
> Ensure that they make specific recommendations of practical, realistic,
short- to medium-term actions that should be taken both by Africa and
by the rest of the world to effectively confront what is in fact a global
challenge.
This Report reflects the work that the High Level Panel on Illicit Financial Flows
has carried out since it was established in February 2012, particularly to:
> Develop a realistic and accurate assessment of the volumes and
sources of these outflows;
> Gain concrete understanding of how these outflows occur in Africa,
based on case studies of a sample of African countries and;
> Ensure that they make specific recommendations of practical, realistic,
short- to medium-term actions that should be taken both by Africa and
by the rest of the world to effectively confront what is in fact a global
challenge.
International Business Practices IP #4Michelle SattenProfessor.docxmariuse18nolet
International Business Practices IP #4
Michelle Satten
Professor Asefaw Indrias
December 16, 2013
Introduction
Opening an office in Johannesburg would ensure a more efficient management of the bank’s assets in the African region. A local presence will allow the bank to extend its coverage of markets in Africa, and will facilitate its round the clock operations on the foreign exchange market for example, to enforce the minimum exchange rate. To reduce concentration risk, the bank should aim for a broad diversification of its investments, and it is important turn to new markets so as to facilitate this. Africa’s economic importance is growing considerably in modern years, similar to its bond and stock markets.
Challenges in the new environment
Macroeconomic Policy. Macroeconomic policy had direct relation to budget deficit and price rises rate, which auxiliary affect the economic constancy. Macroeconomic guiding principles of African countries are still going through reforms, and faces significant restraints like crime restrictive fiscal and monetary policies, low domestic savings, low skill levels, labor market rigidities and inadequate levels of FDI.
Labor Market. Though population in African countries is extremely high, the percentage of people in employment is rather very low. Squat employment and elevated unemployment rate, coupled with unfairly dispersed educational qualifications is a stern disadvantage for labor market. An additional problem companies face is absence of skilled manual labor and low litheness of labor market.
Economic Inequality and Poverty. Deficiency in Africa is characterized by ethnic and regional magnitudes, and as per studies, more than 75% of poor people live in countryside areas. Besides severe levels of poverty, lofty levels of disparity of wealth and income co-exist in the economies. South Africa is one of the most developed economies in Africa yet it is also the country with highest economic inequality.
Political Instability. Political instabilities are a sensitive issue for foreign investors and one of the biggest reasons to drive them away. Internal tensions, coups, border conflicts etc have been common in history of African economies. Occasionally, even though a country is politically firm, conflicts faced by neighboring countries have negative impact on their economy.
Political and legal systems in Johannesburg
South Africa's legal system, similar to the rest of the political system, was thoroughly transformed as the apartheid-based constitutional system was rationalized during the early 1990s. Nonetheless, many laws not related to apartheid unrelated to be rooted in the older legal system. Thus, the justice structure after 1994 reflected elements of both the apartheid-era system and fair reforms.
South Africa has an amalgam or 'mixed' legal system, fashioned by interweaving of a number of different legal traditions: a civil law system hereditary from the Dutch, a common law system hereditary from the .
ABSTRACT
On March 21, 2018, at the 10th Extraordinary Summit of the African Union, Close to Fifty (50) African Union Member States
signed the African Continental Free Trade Area (AfCFTA) agreement, thereby creating the largest free trade area in the world. The
agreement officially entered into force on May 30, 2019, after ratification of the agreement by 22 countries. As of 31 May 2022,
only 43 of the 54 African countries that signed the Agreement Establishing the AfCFTA in March 2018, had deposited Instruments
of Ratification with the Chairperson of the African Union Commission.
But while the AfCFTA is seen as a means of promoting economic growth and investment between African states, it also has a
darker side. Like the Free Trade Zones in Morocco, Gambia, Djibouti and Nigeria, it carries the potential exposures to illicit trade
and financial crime, including but not limited to illicit finance activity, drug trafficking and trade-based money laundering.
This research provides Authorities managing Free Trade Zones, Business Enterprises, Financial Institutions and Dedicated Free
Zone Customs, Police and Immigration Command assigned to deal with aspects of movement of goods and persons in and out of
the Free Zones with a clear understanding of the cross-border financial crime risks associated with the African Continental Free
Trade Area and the risk control measures that combines human intelligence with artificial intelligence, machine learning technology
and robotic process automation to combat cross-border financial crimes in the African Continental Free Trade Area.
This research paper advocates for public-private partnerships through the collective action theory. A partnership between
Authorities managing Free Trade Zones, Business Enterprises, Financial Institutions and Dedicated Free Zone Customs, Police and
Immigration Command assigned to deal with aspects of movement of goods and persons in and out of the Free Zones for information
sharing can help identify and report potential financial crimes.
While many Authors have written research papers on intra-African trade, none of those research papers explained how countries
can assess and mitigate financial crime risks in free trade zones. This research paper describes the ways in which cross-border
financial crime risks can be assessed and adequately addressed by the authorities managing Free Trade Zones. This research paper
analyses the risk assessment topic in line with the African Continental Free Trade Area with a focus on Free Trade Zones in Nigeria.
This research paper would help authorities managing Free Trade Zones, commercial organisations and business enterprises to
identify, prevent and mitigate cross-border financial crime risks. Zone managements and Business enterprises that implement the
risk-based approach, in line with the guidance given in this research paper, will be well-placed to avoid the consequences of
inappropriate de-risking behaviour.
Political economy, Asian tigers success, Causes of Africa's poor economic performance, 'begging bowel' of Africa, poverty amidst wealth, foreign aid is a prison.
Publication - "The private sector, driving force to africa's growth"AFRICA CEO FORUM
Prior to the 2015 AFRICA CEO FORUM, the organisers are publishing a report called “The private sector, driving force of Africa’s growth.” The purpose of this first-of-its-kind document is to share with as many people as possible the up-to-date issues discussed during previous editions of the AFRICA CEO FORUM. It voices the thoughts of African CEOs on the development of capitalism in Africa.
www.theafricaceoforum.com
The paper analyses the history and current status of financial inclusion in Malawi and its associated impact on individual, societal, and overall nation development. Through a review of past literature on financial inclusion and a survey on individuals’ opinions on financial services availability and affordability, the study reveals that financial inclusion has a direct relationship with economic performance and that individual economic independence, financial literacy, and accessibility play crucial roles in determining the levels of financial inclusion in an economy.
Is impact investing gaining grounds in africa with a bark or bite...by arrey ...ivo arrey
This article explores modern trends towards impact investing in Africa. It touches on positive windows for the instrument while highlighting major challenges and the way forward. It is based on academic research/literature and field work by the African Centre for Community and Development.
Author: Arrey Mbongaya Ivo
Background paper on gender responsive financial inclusion in africaDr. Jack Onyisi Abebe
This background paper highlights the current situation regarding gender responsive financial inclusion in Africa. It also highlights the key barriers that contribute towards creating and sustaining the gender gap in financial inclusion, including collateral challenges; the gender-blind approach to financial inclusion by financial institutions; asset ownership challenges among women; uncompetitive and high interest rates and bank charges offered by financial institutions; poor documentation and business history for accessing financial loan products by women entrepreneurs; challenges of formalization of businesses by women entrepreneurs among others. The paper also outlines concrete actions that all stakeholders and duty bearers should take to address the gender gap in financial inclusion in Africa.
This paper reports that financial inclusion for women, specifically access and usage of financial services and products is increasingly attracting great attention. Research and data reveal a trend in reducing the gender gap in access to and utilization of financial services with the introduction of digital literacy and mobile financial services and products in Africa. Although women are lagging behind men, women’s participation in financial inclusion has improved economic growth and better living standards in society. A synopsis is given of entrepreneurship and financial inclusion in Africa and of the methods through which financially excluded women could explore to improve their participation and benefit. Financial position and participation of women in financial inclusion were the focus of discussions by different actors, women entrepreneurs and stakeholders in a workshop gathering at the SEED Africa symposium held in Nairobi in 2016. The substance of the background paper is drawn from those discussions. The emerging good practices and innovative solutions together with the valued comments from participants are published herewith.
Similar to THE NEED FOR EFFECTIVE LEADERSHIP IN COMBATING FINANCIAL CRIME IN THE AFRICAN UNION CONTINENTAL FREE TRADE ZONE AREA (20)
THE LEADERSHIP TO CHANGE THE WOLRD THIS IS YOUR HOUR PURSUES YOUR GIFT, TALEN...PROF. PAUL ALLIEU KAMARA
INTRODUCTION
You are currently viewing How Can Great Leaders Change the World for the Better?
How Can Great Leaders Change the World for the Better?
People resist change. Whether it’s a small habitual change or a large societal change, our society is known for hindering this extraordinary process. While most people never try and some try and fail miserably, some are the torchbearers of change. These leaders envision a different world and then make their dreams come true.
That being said, this process is not easy. Leaders, even the most resilient ones, have to go through many challenges and face many hurdles before they can transform an organization or society. It may appear like a daunting task, but it is certainly not impossible.
If you want to make history and become one of the great leaders, you need to acquire certain success-worthy traits. We have highlighted all the information you need in this article. So without further ado, let’s get started.
9 Steps Leaders Can Champion Change
Most people want to bring about a substantial change. However, they lack the basic guidelines. Here are the 9 steps you need to follow if you want to be the torchbearers of change.
Identify the Problem: What Is Wrong With the Status Quo?
Be Courageous Enough to Challenge the Status Quo
Build a Team That Stands by You Through Thick and Thin
Lay Out a Clear Plan: Don’t Leave Anything to the Imagination
Be true to yourself
Celebrate small wins and always look forward
Cultivate inclusivity and diversity
Choose the right time to divulge information
Evolve and change with time
LEADERSHIP AND CORPORATE CHARACTER KNOW THE IMPORTANCE OF CORPORATE CHARACTERPROF. PAUL ALLIEU KAMARA
INTRODUCTION
WHAT IS CHARACTER
What is the definition of a character?
Britannica Dictionary definition of CHARACTER. 1. [Count]: the way someone thinks, feels, and behaves: someone's personality — usually singular. He rarely shows his true character—that of a kind and sensitive person.
Leadership vs Character
Great leadership is a combination of competence, character, and commitment. Character is an individual's unique combination of internalized beliefs and moral habits that motivates and shapes how that individual relates to others.
Why Character Matters in Leadership
Every leader wants to be successful. But sometimes, the results achieved come at the cost of character. Civil rights leader Martin Luther King Jr. suggested that the most dangerous person is likely gifted with reason but no morals. A blind passion for results damages a leader's reputation and the organization. Evidence from workplace studies on the benefits of character suggests that leaders with high character scores outperform others on company performance metrics. Leadership behaviors guide actions, but a leader's character determines how and if the leader acts. Great leadership is a combination of competence, character, and commitment. This article provides three practical steps to help you develop your character strengths and pass your next character test.
Why is Character Important to Your Success?
Leadership creates moments not defined by policy or procedures - situations where leaders have to choose between right and right.
Every day you make character decisions, consciously or unconsciously, such as between speed or quality and long-term or short-term results. The impact of these decisions either reinforces your team's desired or undesired thoughts, feelings, and behaviors.
Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate, only love can do that. Martin Luther King, Jr.
In a study of executive leaders and their organizations over a two-year period, CEOs who scored high on aspects of character had an average return on assets (ROA) of 9.35%, in contrast to CEOs with low ratings had a ROA of 1.93%.
Leadership character is shown to align the leader-follower relationship, increasing both leader and follower productivity, effectiveness, and creativity. Leadership character plays a vital role in unifying a team.
Followers will give more when they respect the leader's character. A focus on helping others is essential to providing effective strategic leadership. Also, character helps leaders navigate change more effectively.
Our purpose in this volume is to introduce you to the concepts of strategic public relations. Our basic assumption is that you have some general knowledge of management and business terminology; we will help you to apply that to the discipline of public relations. Our text is based in current research and scholarly knowledge of the public relations discipline as well as years of experience in professional public relations practice.
Whether you are reading this book to teach a new field, simply to update your knowledge, or as part of an educational program or course, we value every moment that you spend with it. Therefore, we have eliminated much of the academic jargon found in other books and used a straightforward writing style. We tried to make the chapters short enough to be manageable, but packed with information, without an overreliance on complicated examples or charts and diagrams. We hope that our no-nonsense approach will speed your study.
We use a few original public relations case studies that we have written for you so that you can see the concepts we discuss illustrated and applied. This book is divided into three large parts:
What is fraud?
A fraud is defined as a wrongful or criminal deception intended to result in financial or personal gain. "He was convicted of fraud" a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities.
What is Fraud Law?
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong.
The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements.
Terminology
Fraud can be defined as either a civil wrong or a criminal act. For civil fraud, a government agency or person or entity harmed by fraud may bring litigation to stop the fraud, seek monetary damages, or both. For criminal fraud, a person may be prosecuted for the fraud and potentially face fines, incarceration, or both.
Civil law
In common law jurisdictions, as a civil wrong, fraud is a tort While the precise definitions and requirements of proof vary among jurisdictions, the requisite elements of fraud as a tort generally are the intentional misrepresentation or concealment of an important fact upon which the victim is meant to rely, and in fact does rely, to the harm of the victim. Proving fraud in a court of law is often said to be difficult as the intention to defraud is the key element in question. As such, proving fraud comes with a "greater evidentiary burden than other civil claims". This difficulty is exacerbated by the fact that some jurisdictions require the victim to prove fraud by clear and convincing evidence.
The remedies for fraud may include rescission (i.e., reversal) of a fraudulently obtained agreement or transaction, the recovery of a monetary award to compensate for the harm caused, punitive damages to punish or deter the misconduct, and possibly others.
In cases of a fraudulently induced contract, fraud may serve as a defense in a civil action for breach of contract or specific performance of contract. Similarly, fraud may serve as a basis for a court to invoke its equitable jurisdiction.
What is fraud?
A fraud is defined as a wrongful or criminal deception intended to result in financial or personal gain. "He was convicted of fraud" a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities.
What is Fraud Law?
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong.
The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements.
Terminology
Fraud can be defined as either a civil wrong or a criminal act. For civil fraud, a government agency or person or entity harmed by fraud may bring litigation to stop the fraud, seek monetary damages, or both. For criminal fraud, a person may be prosecuted for the fraud and potentially face fines, incarceration, or both.
Guide CAS Program Rudolph Kwanue University College of Agricultural Sciences ...PROF. PAUL ALLIEU KAMARA
ANIMAL AND CROP PRODUCTION
AGRIBUSINESS And RURAL DEVELOPMENT
AGRICULTURAL AND ENVIRONMENTAL SCIENCE
FOOD SCIENCE
AGRICULTURAL ENGINEERING TECHNOLOGY
HORTICULTURAL SCIENCE
LANDSCAPE HORTICULTURE
FORESTRY
The influence of trust on Gov-ernments, leaders, and followers is a fundamental Principles of Democratic values, Good Gov-ernance and factor for effective leadership, followership, and the development of an exemplary State examined in this article. Trust is a crucial component of collaboration in achieving Na-tional cohesions and leadership effectiveness and credibility. Trust is the foundation for Gov-ernments to be valuable and exemplary. In the twenty-first century, trust is one of the fac-tors that governments must deal with. First, this article explored who a successful leader is? Un-derstanding that a person experi-enced at trust-building should have the following skills: socia-bility, interpersonal-relationship, active listening, practical com-munication, team-playing, and collaboration. Next, who is a dependable leader? Being relia-ble or trustworthy leaders means that the followers could trust and rely on them to follow through on their plans and keep promises
(Shapiro, 2014). This article explored how influential leaders help build empathy and know-how to create an environment of trust. Leadership factors are considered on the leader’s goals that will make a credible and effective Government through the process that exemplifies the performance and plans of the Government. Also, this article examined how steward leaders help create trust with their fol-lowers. Finally, the article re-flected on an example of a credi-ble leader, Bernard Tyson of Kaiser Permanente. Lastly, the article considered the im-portance of credibility as the foundation for effective leader-ship by exploring Kouzes and Posner’s arguments that most people are willing to follow a trustworthy, honest, competent, inspiring, and visionary leader
Trust: The Fundamental Requirement of Every African Governments of Developed or Developing Nation
Introduction
UNDERSTAND THE CONCEPTS OF RESEARCH METHODOLOGY EMBRACING THE IMPORTANCE OF...PROF. PAUL ALLIEU KAMARA
Preface
This book is based on various experiences in research with student, practitioner and teacher in the Rudolph Kwanue University across the World. The difficulties they faced in understanding research as students, the discoveries about what was applicable and inapplicable in the field as practitioner, and development of the ability to effectively communicate difficult concepts in simple language without avoiding technicality and accuracy have become the basis of this book.
Research methodology is taught as a supporting subject in several ways in many academic disciplines such as health, education, psychology, social work, nursing, public health, library studies, Business and marketing research. The core philosophical base for this book comes from the conviction that, although these disciplines vary in content, their broad approach to a research enquiry is similar. This book, therefore, is addressed to these academic disciplines.
It is true that some disciplines place greater emphasis on quantitative research and some on qualitative research. This Book’s approach to research is a combination of both. Firstly, it is the objective that should decide whether a study be carried out adopting a qualitative or a quantitative approach. Secondly, in real life most research is a combination of both methods.
Though they differ in the philosophy that underpins their mode of enquiry, to a great extent their broad approach to enquiry is similar. The quantitative research process is reasonably well structured whereas the qualitative one is fairly unstructured, and these are their respective strengths as well as weaknesses. This Book strongly believed that both are important to portray a complete picture. In addition, there are aspects of quantitative research that are qualitative in nature. It depends upon how a piece of information has been collected and analyzed.
UNDERSTAND THE CONCEPTS OF RESEARCH METHODOLOGY EMBRACING THE IMPORTANCE OF...PROF. PAUL ALLIEU KAMARA
This book is based on various experiences in research with student, practitioner and teacher in the Rudolph Kwanue University across the World. The difficulties they faced in understanding research as students, the discoveries about what was applicable and inapplicable in the field as practitioner, and development of the ability to effectively communicate difficult concepts in simple language without avoiding technicality and accuracy have become the basis of this book.
Research methodology is taught as a supporting subject in several ways in many academic disciplines such as health, education, psychology, social work, nursing, public health, library studies, Business and marketing research. The core philosophical base for this book comes from the conviction that, although these disciplines vary in content, their broad approach to a research enquiry is similar. This book, therefore, is addressed to these academic disciplines.
THINKING ON HOW TO KILL THE KILLER BEFORE HE KILLS US ALL WHO IS THE KILLER? ...PROF. PAUL ALLIEU KAMARA
INTRODUCTION
Who is or what is the true Killer of African People? This question has being playing on my mind for years’ and years to months and months to weeks and to days. Well today is the day I attempted to search for answers and to know the true killer of my African People. This article will attempts to suggest some of the killers or what killers African People. This article is not the final answers to the entire Problem. However, I intended to limit the discussions on Political Corruption as one of the main factors that kills everything in the hands of African. So let look at some definitions and characteristics of Political Corruption and its effect in our social-economic development of Africa.
For the purpose of this article I will define corruption and the type of corruption we have
PART 1. Corruption: Its Meaning, Type, and Real-World Example
Introduction Corruption has recently been the subject of substantial theorizing and empirical research, and this has produced a bewildering array of alternative approaches, explanations, typologies and remedies. Corruption is understood as everything from the paying of bribes to civil servants and the simple theft of public purses, to a wide range of dubious economic and political practices in which businesspeople, politicians and bureaucrats enrich themselves. The issue of corruption is an old one, that has re-entered the current political and economic debate from the new interest in the role of the state in the developing world, and from the assumption that the state is an indispensable instrument for economic development, redistribution and welfare. In contrast to the largely rejected “state-dominated” and “state-less” development models, there is now much consensus on the need for an efficient medium-sized state apparatus with a political will and adequate economic policies to ensure economic development. Corruption is seen as counter-productive to the needed economic and political reforms, accountability, transparency, and good governance. The intention of this paper is to classify the various forms of corruption in order to operationalize the concept for analytical and practical purposes. First, different forms of corruption will be outlined. Secondly, corruption will be defined as a particular state-society relationship, and the distinction made between political corruption and bureaucratic corruption. Then two more distinctions will be added, namely between “individual” and “collective” forms of corruption, and corruption as a mechanism of either “upward extraction” or “downward redistribution”. This will sum up to the basic argument that the fight against corruption will have to be placed within a broader agenda of democratization.
The purpose of this Book is to clear the misunderstanding of many Leaders in the corporate world. Those who believed and lived with the notions that best leaders are meant for the Corporate World and evolution of good leadership is in the world of business; I would want them to have a rethink as I explained the social and societal evolution of good leadership that has impacted the corporate world today. Please come along with me to some historical contextual truth derived from this concept of leadership. This book will deal with styles and concepts of leadership and help to build your understanding as to what is needed to be good leaders in Society. From Chapter to Chapter you will see the chronological order of leaders’ leadership and duty requires of them for better Society, Nations and the World at large.
When people talk about leadership, they mostly want to learn how to be good leaders at work. Leadership in the corporate context is one of the hottest topics in the world, and everyone wants to learn how to become a billionaire and be the best possible boss. However, leadership is not just limited to the work frontier; it extends to all of society. In fact, leadership began as a societal phenomenon much before it evolved into a professional one. In fact, many of the present-day leadership qualities that corporate and professional leaders aspire to are based on the social and political leaders of the yesteryears.
Human beings are social animals and living together in large groups naturally meant that people needed to adopt different roles and accomplish different groups. In order to give structure to society and help society grow and develop, people were naturally divided into leaders and followers. The leaders paved the way and moved from one frontier to another, directing the others, while the followers completed the tasks assigned to them and helped bring the changes about.
It is indeed an honour to be here today. Dr. Sesay, thank you for the kind recommendation, and thank you for giving me the privilege to speak with this 2023/2024 set of matriculants.
Before I present my remarks, I will like to take this opportunity to thank all the lecturers of this great College, who are and always have been committed to the success of every student and continue to take a personal interest in their academic and social development.
With deep felicitation, allow me to welcome you to the commencement of a life-defining experience and a magical opportunity. I heartily congratulate all of you for achieving success in getting a seat in this reputable College.
When I received the information to be the commencement speaker for today, my mind ran back to 14 years ago when I matriculated. I tried to extrapolate from many experiences from matriculation in 2011 to graduation in 2023, and share with you the many lessons I have learnt along the way, while also drawing your attention to steps and thoughts you can guide yourself with as you journey on the path of achieving greatness on this campus.
Why discovering the historical Context: Throughout history, great leaders have emerged, each with particular leadership styles
Leadership in itself is a somewhat fluid principle. Generally, most leaders adapt their leadership styles to suit their situation. This is particularly true the longer they lead; they adapt their leadership style as they learn and engage with their employees.
To become a more successful leader, leaders must understand their current leadership style. In this article, we’ll answer the question “what a leadership style?”, and then look at 6 of the most common leadership styles and their effectiveness.
If you want to advance the agenda of Combating Financial Crime, Illicit deals and Money Laundering in the African Union Continental Free Trade Zone Area you have to specialize on Financial Investigations.
Developing an investigative plan, subject profiles, analyzing and charting financial flows, preparing an evidence matrix and utilizing international cooperation channels provides the foundation to conducting an effective financial investigation.
Background: Financial Investigations
One of the biggest challenges for African Union Continental Free Trade Zone Area is in the asset recovery case to produce the evidence that links the assets to criminal activities (property-based confiscation) or establishes the amount of the benefit derived from an offense (value-based confiscation). To establish this link, practitioners in the AfCFTA must identify and trace assets or “follow the money” until the link with the offense or the location of the assets can be determined.
GLOBE Conference aim to bring together researchers, scientists, scholar and scholar students to exchange and share their experiences, new ideas, and research results about all aspects of business, economics, hospitality, tourism, event and leisure management, and services management research and discuss the practical challenges encountered and the solutions adopted. English is the official language of the conference. We welcome paper submissions.
These conferences are organized by the Association of North America Higher Education International (ANAHEI) and sponsored by the University of South Florida M3 Center, Florida, USA.
In today’s world, it is vital to think about business and economic issues on a global scale. That is why GLOBE Conference invites interested parties from all around the globe to discuss hot topics and contemporary issues related to Business and Economics. The scholars are encouraged to submit papers or abstracts on any aspect of business and economics and related fields.
Chapter 1 - Abstract of Thesis
This thesis is written with the specific purpose of trying to assess the Orange Mobile Network Company in Sierra Leone and put together a framework of points that can be used as a guide by both existing and aspiring Leaders to deal with the Leadership challenges that exist in their functional and professional roles of Leadership within the Orange Mobile Network Company framework. Research shows us that there are various methodologies and models propagated in the professional space which Leaders can refer to but the common thread that ties them all is the fact that they propose a particular approach while mostly remaining silent on the other approaches. While conducting the research it was observed that a few books and articles has been written on communication, but none has focuses on assessing Orange Mobile Network Company quality and attributes desirable Leadership related to experts such as Kenneth Blanchard and John Adair do propose a more holistic approach to the subject and not any particular model as such.
The thesis is divided into a few chapters and the first of the chapter‘s deals with trying to understand the topic of Leadership. It‘s an often repeated word but does everybody who uses it really understand what it entails and what the role that it plays in society is. People are regularly encouraged to step up and take charge and demonstrate their ability to handle the challenges that come their way but without being privy to how to do it or what it actually means. This chapter therefore discusses how it is, the ability to influence others positively to achieve a common goal within and outside the cycles of Orange.
This article aimed at sharing some light and to clarify the confusion clouded the Academic or University cycle. Please take a look at this article, it will help you see and understand the differences in between the two.
1. Not to be confused with honours degree. The honoris causa: An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases honoris causa ("for the sake of the honour") or ad honorem ("to the honour").
The degree is typically a doctorate or, less commonly, a master's degree, and may be awarded to someone who has no prior connection with the academic institution [1] or no previous postsecondary education. An example of identifying a recipient of this award is as follows: Doctorate in Business Administration (Hon. Causa). The degree is often conferred as a way of honouring a distinguished visitor's contributions to a specific field or to society in general.[2] It is sometimes recommended that such degrees be listed in one's curriculum vitae (CV) as an award, and not in the education section.[3] With regard to the use of this honorific, the policies of institutions of higher education generally ask that recipients "refrain from adopting the misleading title"[4] and that a recipient of an honorary doctorate should restrict the use of the title "Dr" before their name to any engagement with the institution of higher education in question and not within the broader community.[5]
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
3. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 3
FOREWORD
he Need for Effective Leadership is to Promote the fight against Financial Crime in Africa and help
to advance Africa Trade Development Agenda
Financial Crime is a major African problem, and combating it requires effective leadership at
all levels.
Africa remains at high risk of Financial Crime distress, and the risks have risen in the context of recent
large fiscal deficits...
All sectors of African’s Leadership must either act now or never! African Leaders often say that criminal
activities are like a lifestyle in the African’s continent: but if left undealt with, the consequences will have
adverse effect and will destroy the economic development of Africa and lessen the trust in our Public and
Private Institutions. Similarly, leaders must build up effective Political governance within their institutions,
the Will and capacity needed to crack down on Financial Crime agents or agencies in the areas of Money
Laundering, Counter Terrorism Financing, Fraud, Drug deals, Bribery and Corruption and smugglers, why?
Because these criminals have a lot of criminal strategies to evade our African Territories – for example, if
they are restricted in the land routes – they would use sea routes- when they are restricted on the seas they use
the air. That’s why targeted interventions often have limited impact on Financial Crime and criminal
activities in Africa: we need to look at the Leadership capacities and effectiveness in pursing the African
Continental Free Trade Zone Area agenda as a big picture, besides the good initiatives and benefits therein it
also has negative sides effect of its to tell the whole story of how the criminals are moving on Roads, Seas and
air (aviation industry), and the poor border crossing security Agencies of Nations in Africa. This Book intends
to tell the story of the poor suffering African’s people with few livelihood options. It is a complex story, with
many interconnections; at the heart of which the African Continental Free Trade Zone area lies. While Africa
has spread a plethora of beneficial innovations around the world, it has also had many negative consequences
in both large and small countries through illicit financial outflows: in fact, security problems in the entire
nations of Africa are closely related to the development challenges posed by the Money Laundered to finance
Terrorism and Civil Conflicts of Africa. Though the side effects of Financial Crime are particularly strong in
the African’s poorest countries those least equipped to respond to these impacts are more vulnerable.
This Book looks at how the role of effective Leadership contributes in the fight beyond specific countries
Against Financial Crime and illicit financial flows (fin-iffs) in the African region. The Book zeroed in on
Financial Crime, illicit Financial Flows, like Money Laundering, Bribery and Corruption and illicit trade to
illustrate the larger scale and the need for effectiveness of African Leaders to combat this menaced: criminal
activity is a source of Financial Crime that has a direct relationship to effective Leadership and the dangers it
poses for good governance and delivery of social services in Africa. This nexus has received little scholastic
attention, yet criminal activity continues to pose negative impact on National development in Africa that
hamper effective governance.
T
4. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 4
Why focus on the Leadership of Africa Continental Free Trade Zone Area?
Several countries in the African continent are suffering from extremely low development indicators because
of weak state leaders and their institutions hence the present capacity gaps for developing effective and
efficient regulations to combat Financial Crime. As in many developing countries, a large share of
uncontrollable economic activity takes place in the informal economy. Not everything informal is bad: in fact,
the informal sector often provides precious livelihoods, particularly for the poor. Yet what happens informally
happens outside the checks and balances of regulatory systems. As a result, Financial Crime activities like
illicit or criminal activities are allowed to flourish more easily, with negative implications for good
governance, Educational infrastructure, Health Services, Good Roads, Youth Employment, Agricultural,
Peace, stability and development. Under these conditions, resource diversion and other illegal acts that affect
a country’s development easily thrive, and damage the integrity of institutions, and distort political
governance in ways that disrupt the relationship between citizens and the state thereby put unnecessary
pressure on state leaders. Across the region, Financial Crime and illicit financial flows are known to have
resourced violent and protracted conflicts due to poor leadership and ineffective monitoring; in the sahel, they
resource terrorist groups. Although it is impossible to isolate specific conditions leading directly to criminal
activity, structural factors (such as high unemployment and income inequality, exposure to violence, low
levels of gross domestic product and weak institutional capacities and ineffective leadership) are known to
contribute to a country’s vulnerability. This Book feeds into a strategy of fighting financial Crime and illicit
Financial Flows in the African Continental Free Trade Zone Area (AfCFTA,) mandated with the development
for co-operation to increase the capacity and effectiveness of African Leaders with issues-based evidence in
the area of addressing the risks they pose to National development and insecurity. This strategy started with
the publication of Financial Crime advocacy tool for developing countries: measuring the African Continental
Free Trade Zone Area responses. Looking at some researched and publications work done, and in the process
the Author have discovered that none has written on the Need for Effectiveness of Leadership in Combating
Financial Crime and yet the magnitude of the problem remained wider and broader that needs additional
research work that begs the need for this Book.
The Effective Leadership is a framework for Africa Continental Free Trade Zone Area member countries to
increase their investigations and repatriations of stolen assets to their countries of origin, to do that needs
effective leadership driven concept and that is what this new Book is all about, to reduce the negative impact
of Financial Crime to National Development in Africa Countries and to focus on preventing Financial Crime
and illicit financial flows.
The Book also contributed to a new way of understanding the Impact of Financial Crime and illicit financial
flows for National Development as reflected in the 2030 agenda for sustainable development which
acknowledges Financial Crime and illicit financial flows as inherently linked to hamper development. The
overarching message is timeless: resolving some of the African’s most pressing problems, in this instance
Financial Crime and illicit financial flows, requires responding to development challenges, and working in
countries at all levels of development to address each part of the spectrum – source, transit and destination.
Tackling African challenges requires reforms to happen on all sides.
………………………………………
5. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 5
By Prof. Rudolph Q. Kwanue
Founder, Chancellor and International Director
Rudolph Kwanue University College
Grace Theology Seminary
Monrovia the Republic of Liberia
6. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 6
ACKNOWLEDGEMENTS
The Author acknowledged the valuable partnership with the Rudolph Kwanue University College (RKUC) in
the Capital City of Monrovia Republic of Liberia (RKUC www.rkuclr.com) Africa Union University (AUU
www.auuni.org), IUB University Benin Republic www.iubuniersity.org, E-FOUR and AAF consulting Firm
Lagos, Nigeria. www.e-four-aaf.com, UCCAST University Uganda. International Kingdom-University-USA.
www.ikuniversity.info and the Inter-Governmental Action Group against Money Laundering in Africa
(IGAG), the Africa Union Continental Free Trade Zone (AfCFTA,) and the World Bank. The production of
this Book was initiated by Eliva Press Publication House in Europe, and drawn to a conclusion by Professor
Rudolph Q. Kwanue Sr. Founder, Chancellor and International Director Rudolph Kwanue University College-
Liberia and Grace Theological Seminary working on fighting against Financial Crime in Co-operation with E-
FOUR and AAF Consulting Firm Lagos Nigeria that specialized on Financial Crime, Money Laundering and
Illicit Financial Flows and in advancing the Policy Division of CBN, BSL AfCFTA etc. The Book is
authored by Professor Paul Allieu Kamara a Professional Training Expert on the Need for Effective
Leadership in Combating Financial Crime with the E-Four and AAF Consulting Firm 106, Ikorodu-Ososun
Road, Second Floor at the Right, Fadeyi, Lagos, Nigeria. Email: admin@efour-aaf.com ehieric@efour-
aaf.com. Edited by Prof. Ehi Eric Esoimeme, Chief Editor, E-FOUR and AAF Consulting Firm and Prof.
Rudolph Q. Kwanue Founder, Chancellor and International Director, Rudolph Kwanue College,
Grace Theology Seminary Monrovia the Republic of Liberia, Reza Indian, Prof. Yvonne Bentley
Founder International Kingdom University-USA, and Several Researched work has been taken from
prepared case studies ( published works as papers) and provided the background data for this Book: Financial
Crime and Illicit Financial Flows; Bribery and Corruption and Human smuggling from Africa to Europe –
Illicit narcotics transiting agencies, CBN, NFTIU, FMTI, SCUML, NAICOM, SEC, NCS, NDIC, NFP,
GIABA, CAPARR, CoDA, PALU * The author would like to dedicate this book to all the Suffering People of
Africa as one of the foremost authorities suffering from illicit economies in Africa and the invaluable resource
over the course of this research work, both in person and through our vast collection of scholarly and policy
works. I would like to thank the different peer reviewers who provided expertise at different stages of a
rigorous Ms. Kinniga Ngaima, Faith, Vincent, Millicent Samuel, Dr. Abass Moses Kamara, Joseph T.
Kamara, Mrs. Alima Divine Kamara, Sia Kamara, Paul Umura Bangura
7. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 7
Introduction........................................................................................................................
What is at stake in the African Continental Free Trade Zone Area?
About three-fifths of global trade is conducted within multinationals.
Offshore tax shelters
Unconscionable acts
Information scanty and scattered
Financial crime linked to Nigeria
Chapter 1.Overview.............................................................................................................
I. What is Africa Continent?
What type of country is Africa?
What is Union?
What is Continent?
What is Free?
What is Trade?
What is Zone?
What is Area?
What is Financial Crime?
What is a Shell Corporation?
Characteristics of Shell Corporations
Shell Corporations Defined
What is African Continental Free Trade Zone area is all about?
What is The AfCTFA?
Objectives
Why is this Book looking at Financial Crime, criminal economies and illicit financial
flows in Africa?
Who Commit this Crimes
From Illegal activities
IFFS
Financial Crime
Demystification of Financial Crime chronologically
Financial Crime
Bribery
Fraud
Measures Against Financial Crime
Featured Agencies
Provide helpful Legal advice
Why working together
8. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 8
WHY LOOK AT FINANCIAL CRIME, CRIMINAL ECONOMIES AND ILLICIT
FINANCIAL FLOWS IN AFRICA?
THE IMPACT OF FINANCIAL CRIME
Financial crime linked to Nigeria
Organized crime:
9. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 9
Chapter Two
1. Why the Need for Effective Leadership in Africa?
What is Leadership
Typology of Leadership we need in the African Continent
All Leaders has different styles
2. Is there a leader in Africa that is communicating effectively or engaging others by being a good
listener
3. What are the Limits of traditional Management styles
4. What is the impact of this new approach to leadership in Africa
5. What is the 5 set-up of Leadership for success
6. Why effective Leadership is so important
7. Characteristics of an effective leader
Ability to influence others
8. Transparency to an extent
9. Encourage Risk-Taking and innovation
10. Integrity and Accountability
11. Act decisively
12. Continuously assess and Reassess your Leadership approach
13. Assessing your strength
14. Link between effective Leadership and Combating Financial Crime
The African Continental Free Trade Zone Area
Basic
15. Development and Demographic looks of Africa
16. Urbanization of the Total Population of African 1950-2010
17. Projection of the total population of African 2020-2050
18. Rapid Population growth
19. High poverty levels
20. Economy and Trade
10. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 10
Chapter 3. Criminal economies and illicit financial flows in Africa Introduction
1. development framework for analyzing harm
2. Towards a prioritization framework
3. Illegal activities
4. Illicit trade in “normally legal” goods
5. Illicit resource extraction
6. The prioritization framework applied to case studies
Chapter 4. Conclusions and Introduction
1. Main findings and conclusions
2. Common development principles should guide IFF responses
3. Policy areas for further work
4. Annex A. Research
5. Methodology
6. Methodology
7. Quantitative research
8. Calculating the scale of internal and external illicit flows
7. Caveats Reference groups and peer-review process
12. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 12
INTRODUCTION
What is at stake in the African Continental Free Trade Zone Area?
Africa is considered as the second fastest-growing economy after East Asia, and yet the continent is filled
with people living in abject poverty, and has been referred to as a continent with poor foundations for human
development due illicit activities of criminal agencies or persons. Every year, an estimated amount
approximated as $88.6 billion, equivalent to 3.7% of Africa's GDP, through Financial Crime and Illicit
Capital Flight, (according to UNCTAD Report 2020). Africa is discovered as a net exporter of criminal capital
income through Financial Crime which is far more exceeds inflows of assistance, valued at $48bn, and the
yearly foreign direct investment, and amounted to $54bn. But It is also discovered that $1.2 trillion and
$1.4 trillion has left Africa through Financial Crime between 1980 and 2009—roughly equal to Africa’s
current gross domestic product, that surpassing money received from outside over the same period. Financial
Crime is said to be dirty money earned illegally and transferred for use elsewhere. Such monies are usually
generated from criminal activities, like corruption, tax evasion or tax avoidance, Mis-invoicing, Mispricing,
bribes and transactions from cross-border smuggling etc.
The effective of Financial Crime on sanitation
The African Continental Free Trade Area (AfCFTA)designed a flagship project of Agenda 2063 aimed at
creating a single African market for goods and services facilitated by free movement of persons, capital,
investment to deepen economic integration, promote and attain sustainable and inclusive socio-economic
development, gender equality, industrialization, agricultural development, food security, and structural
transformation.
13. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 13
The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union
(AU) and eight (8) Regional Economic Communities (RECs). The overall mandate of the AfCFTA is to create
a single continental market with a population of about 1.3 billion people and a combined GDP of
approximately US$ 3.4 trillion.
As part of its mandate, the AfCFTA is to eliminate trade barriers and boost intra-Africa trade. In particular, it
is to advance trade in value-added production across all service sectors of the African Economy. The AfCFTA
will contribute to establishing regional value chains in Africa, enabling investment and job creation. The
practical implementation of the AfCFTA has the potential to foster industrialization, job creation, and
investment, thus enhancing the competitiveness of Africa in the medium to long term.
In March 2018, the 10th Extraordinary Session of the African Union Summit held in Kigali, Rwanda, adopted
the Agreement Establishing the African Continental Free Trade Area (AfCFTA). The AfCFTA Agreement
came into force in May 2019. As of March 2023, 46 countries had ratified and deposited the instruments of
ratifications with the African Union Commission. Mozambique has ratified the Agreement but is yet to
deposit the instruments of ratification with the AU Commission. The following countries were yet to ratify the
Agreement, Somalia, South Sudan, Sudan, Eritrea, Madagascar, Benin, Liberia, and Libya. Eritrea donot to
sign the Agreement of that time.
Trading under the Africa Continental Free Trade Area Agreement began on 1 January 2021. As at February
2022, eight countries representing the five regions of the continent - Cameroon, Egypt, Ghana, Kenya,
Mauritius, Rwanda, Tanzania and Tunisia – participated in the AfCFTA’s Guided Trade Initiative, which
seeks to facilitate trade among interested AfCFTA state parties that have met the minimum requirements for
trade, under the Agreement. This initiative supports matchmaking businesses and products for export and
import between State Parties. The products earmarked to trade under the Initiative include: ceramic tiles;
batteries, tea, coffee, processed meat products, corn starch, sugar, pasta, glucose syrup, dried fruits, and sisal
fibre, amongst others, in line with the AfCFTA focus on value chain development.
In the year 2023, the AfCFTA Guided Trade shall also focus on Trade in Services in the five priority areas,
i.e. Tourism, transport, Business Services; Communication Services; Financial Services; Transport Services,
and Tourism and Travel-related Services. The ultimate objective is to ensure that AfCFTA is truly operational
and the gains from the initiative are improved implementation in order to achieve increased inter-regional and
intra-Africa trade that would yield economic development for the betterment of the continent at large.
If not curtailed this efforts will soon be hampered by criminal organizations engaging in Financial Crime, the
number tells only part of the story. It is a story that exposes how highly complex and deeply entrenched the
practices have flourished over the past decades with devastating impact, but barely made it into the news
headlines. “The illicit haemorrhage of resources from Africa is about four times Africa’s current external
debt,” says a joint report by the African Development Bank (AfDB) and Global Financial Integrity, a US
research and advocacy group.
The Financial Crime Problem of Net Resource Transfers from Africa: 1980–2009, found that cumulative
illicit outflows from the continent over the 30-years period ranged from $1.2 trillion to $1.4 trillion. The
14. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 14
Guardian, a British daily, notes that even these estimates—large as they are—are likely to understate the
problem, as they do not capture money lost through drug trafficking and smuggling.
Nonetheless, research and advocacy groups who have worked on Financial Crime or illicit outflows see a
direct link between these outflows and Africa’s attempts to mobilize internal resources. Despite annual
economic growth averaging 5% over the past decade—boosted in part by improved governance and sound
national policies—Africa is still struggling to mobilize domestic resources for investments. If anything, the
boost in economic growth has caused a spike in the Financial Crime or illicit outflow.
About three-fifths of global trade is conducted within multinationals.
“Many developing countries have weak or incomplete transfer pricing regimes,” according to the Guardian,
citing an issue paper authored by the Paris-based Organization for Economic Cooperation and Development
(OECD), a group of high-income economies. The paper says poor countries have weak bargaining power.
“Some [countries] have problems in enforcing their transfer pricing regimes due to gaps in the law, weak or
no regulations and guidelines for companies,” says the OECD paper, adding that poor countries have limited
technical expertise to assess the risks of transfer pricing and to negotiate changes with multinationals.
Offshore tax shelters
According to the OECD paper, member countries are failing to identify company owners who benefit from
money laundering. It criticizes OECD members for not doing enough to crack down on Financial Crime or
illicit outflows. In order to prevent, uncover or prosecute money laundering, says the paper, authorities must
be able to identify company owners. The OECD advises its members to invest in anti-corruption and tax
systems in poor countries, as this has high payoffs.
The bulk of Financial Crime dealings or illicit money today is channelled through international tax havens,
says the Thabo Mbeki Foundation, an NGO set up by the former president to promote Africa’s renaissance.
The foundation accuses “secrecy jurisdictions” of running millions of disguised corporations and shell
companies, i.e., companies that exist on paper only. These jurisdictions also operate anonymous trust accounts
and fake charitable foundations that specialize in money laundering and trade over-invoicing and
underpricing.
“Developing countries lose three times more to tax havens than they receive in aid,” said Melanie Ward,
speaking to the Guardian. Ms. Ward is one of the spokespersons for the Enough Food for Everyone IF
campaign, a coalition of charities calling for fairer food policies, and head of advocacy at Action-Aid, an anti-
poverty group. The money lost, she says, should be spent on essential development of schools, employment,
hospitals and roads, and on tackling hunger, not siphoned into the offshore accounts of companies.
A 2007 joint report by the World Bank and UN Office on Drugs and Crime estimated that every $100 million
returned to a developing country could fund up to 10 million insecticide-treated bed nets, up to 100 million
ACT treatments for malaria, first-line HIV/AIDS treatment for 600,000 people for one year, 250,000
household water connections or 240 km of two-lane paved roads.
15. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 15
Support for new rules to rein in offshore tax shelters has come from an unlikely source—the leaders of eight
of the world’s biggest economies, the Group of Eight (G8). Having been stung by the 2008 global financial
crisis, the G8 leaders at this year’s summit in Lough Erne, Northern Ireland, introduced—for the first time—
rules to fight tax evasion. The rules will now require multinationals to disclose the taxes they pay in countries
in which they operate.
During the run-up to the G8 summit, advocacy groups campaigned to get rich countries to introduce laws on
transparency in corporate taxes. Among them was the Africa Progress Panel, chaired by former UN Secretary-
General Kofi Annan. On the eve of the summit, it published its annual flagship report, Africa Progress Report
2013, strongly criticizing the current rules on corporate transparency.
Unconscionable act
“It is unconscionable that some companies, often supported by dishonest officials, are using unethical tax
avoidance, transfer pricing and anonymous company ownership to maximize their profits while millions of
Africans go without adequate nutrition, health and education,” Mr. Annan wrote in the foreword to the report.
Tax evasion, he said, has cut into African citizens’ fair share of profits from their abundant resources.
In the end, the G8 leaders adopted the Lough Erne Declaration, a 10-point statement calling for an overhaul of
corporate transparency rules. Among other things, the declaration urges authorities to automatically share tax
information with other countries to fight tax evasion. It states that poor countries should have the information
and capacity to collect the taxes owed to them. The declaration further calls on extractive companies to report
payments to all governments, which should in turn publish them.
While the Financial Times embraced the declaration as “an advance” in corporate transparency, Sally Copley,
another spokesperson for the IF campaign, says in a statement, “The public argument for a crackdown on tax
dodging has been won, but the political battle remains.” Copley wants the G8 to impose strict laws on tax
evasion.
For its part, Africa Progress Report 2013 calls for multilateral solutions to global problems because “tax
evasion, Financial Crime and illicit transfers of wealth and unfair pricing practices are sustained through
global trading and financial systems.” It urges African citizens to demand the highest standards of propriety
and disclosure from their governments, and rich countries to demand the same standards from their
companies.
Initiatives by institutions in Africa and the adoption of the Lough Erne Declaration raise hopes for strict rules
against Financial Crime and illicit financial flows from Africa. “Seizing these opportunities will be difficult.
Squandering them would be unforgivable and indefensible,” Mr. Annan warns in his foreword to the panel’s
report. Meanwhile, ECA’s slogan “Track it. Stop it. Get it” aptly captures what needs to be done about
Financial Crime and money flowing illicitly out of Africa.
“The traditional thinking has always been that the West is pouring money into Africa through foreign aid and
other private-sector flows, without receiving much in return,” said Raymond Baker, president of Global
Financial Integrity, in a statement released at the launch of the report earlier this year. Mr. Baker said the
16. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 16
report turns that logic upside down, adding that Africa has been a net creditor to the rest of the world for
decades.
The composition of these outflows also challenges the traditional thinking about Financial Crime and illicit
money. According to estimates by Global Financial Integrity, corrupt activities such as bribery and
embezzlement constitute only about 3% of Financial Crime and illicit outflows criminal activities such as
drug trafficking and smuggling make up 30% to 35% and commercial transactions by multinational
companies make up a whopping 60% to 65%. Contrary to popular belief, argues Professor Baker, money
stolen by corrupt governments is insignificant compared to the other forms of Financial Crime and illicit
outflow. The most common way Financial Crime or illicit money is moved across borders is through
international trade.
Information scanty and scattered
A ten-member high-level panel chaired by former South African President Thabo Mbeki leads research by the
UN Economic Commission for Africa (ECA) into Financial Crime or illicit financial flows, assisted by ECA
Executive Secretary Carlos Lopes as the vice-chair. Other members of the panel include Professor Baker and
Ambassador Segun Apata of Nigeria. The ECA blames Financial Crime and illicit outflows for reducing
Africa’s tax revenues, undermining trade and investment and worsening poverty. Its report was released in
March 2014.
Undoubtedly the panel faces a daunting task. Charles Goredema, a senior researcher at the South Africa–
based Institute of Security Studies, cautions the panel on the challenges ahead. Writing in the institute’s
newsletter, ISS Today, Goredema warns the panel that it will find that in many African countries, data on
Financial Crime and illicit financial flows “is scanty, clouded in a mixed mass of information and scattered in
disparate locations.” He ranks tax collection agencies and mining departments among the bodies most
reluctant to share data.
Goredema lists Transparency International, Global Financial Integrity, Christian Aid and the Tax Justice
Network as some of the advocacy groups that have tried to quantify the scale of Financial Crime and illicit
financial flows. The extent of such outflows remains a matter of speculation, he says, with the figures on
Africa ranging between $50 billion and $80 billion per year. Other estimates by the ECA put the figure at
more than $800 billion between 1970 and 2008.
“The absence of unanimity on [the amount] is probably attributable to the fact that the terrain concerned is
quite broad, and each organization can only be exposed to a part of it at any given point in time,” Goredema
writes, adding, “It is less important to achieve consensus on scale than it is to achieve it on the measures to be
taken to stem illicit financial outflows from Africa.”
Financial crime linked to Nigeria
Financial crime linked to Nigeria is a large and pressing problem for the British authorities, which are short of
the information and resources needed to deal with it. Nigeria-related financial crime has grown in significance
partly because it is not seen as a priority area. Private sector fraudsters and corrupt public officials and British
companies have profited from the general Western focus on terrorist financing, drugs and people-trafficking.
17. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 17
Other types of corruption and money-laundering, some of which involve British business people, have often
been neglected. These general observations could be applied to crimes carried out by the nationals of many
countries, including Britain itself. Criminal activity involves only a small minority of Nigerians, relative to the
size of the country and the number of its national’s resident in Britain or visiting it. Nigeria is Africa’s most
populous nation by far and is a former British colony: Jack Straw, the former foreign secretary, has referred to
estimates that more than one million Nigerians live in Britain. 1 it is precisely because of these strong and
deep links that Nigeria-related financial crime deserves attention. High levels of such crime are very
damaging to the image and standing of the many Nigerians who live honestly in Britain or who visit the
country to do legitimate business. One Lagos banker has described how the level of crime linked to Nigeria
already leads holders of the country’s distinctive green passport to be ‘victimized’ anywhere they go in the
world. Equally, the proportionally small but still substantial numbers of Nigerians who are involved in
financial crime create a risk of what Tarique Ghaffur, a Metropolitan Police assistant commissioner, has
described as large-scale ‘contamination of communities’ by organized crime.2 Extensive anecdotal evidence
suggests that a significant amount of financial crime in Britain is linked to Nigeria. One police officer
working on economic and specialist crime says so much Nigeria-related corruption goes through London that
he could employ his entire command to deal with it. Another, who works on Cheque and credit card fraud,
says Nigerians are in the ‘top three’ of nationalities of offenders with whom his group has to deal.3 The
piecemeal figures on Nigeria-related fraud that do emerge seem at times to echo the recent warning of Bob
Murrill, head of the Metropolitan Police organized crime unit, that criminal gangs are ‘out of control’ in
London.4 On a single day check at Heathrow airport last year, for example, police discovered more than £20
million of forged cheques and postal orders in the courier mail from Lagos. Recent British government
research found that at least 13 per cent of Nigerian applicants for visitors’ visas and at least 17 per cent of
applicants for student visas tried to use some kind of fraudulent documentation, such as forged bank
statements or tax returns.5 Many informed people think a large amount of Nigerian official corruption passes
through Britain. In 2005, the British authorities charged D.S.P. Alamieyeseigha, governor of Nigeria’s
Bayelsa state, with money-laundering after almost £1 million in cash was discovered at one of his London
properties. A Nigerian law enforcement official estimates that between 80 and 90 per cent of the country’s 36
state governors own property in Britain, with many also having bank accounts in their own, their wives’ or
their children’s names. Other important components of Nigeria-related financial crime are the British
individuals and companies operating corruptly in Nigeria. London is increasingly attacked for alleged
hypocrisy in failing to keep its promises to crack down on British corruption in Africa. Privately, British
business people admit corruption is still commonplace: one British executive working in the oil industry says
his company routinely pays immigration officials a bribe worth between 20 and 30 per cent of the cost of
expatriate resident permits. In March 2006, a report by Britain’s All Party Parliamentary Group on Africa
criticized the ‘limbo like state of anti-corruption legislation’, and the ‘fragmentation and under-resourcing’ of
investigatory and enforcing agencies.6 The accusations come more than five years after Britain revealed that
at least $1.3 billion looted by the late dictator General Sani Abacha had been processed through British
financial institutions.7 Nigerians responsible for investigating financial crime in Nigeria have had some
successes, but many are under no illusions about how severe and deeply entrenched the problem is after
decades of autocratic government, rampant corruption and plunging living standards. Nigeria’s Economic and
Financial Crimes Commission (EFCC) estimates that in under four years of operation it has recovered £2
billion of criminal money.8 One of its officials laments that Nigerian internet fraud has become ‘something
huge’ because the authorities never seriously tried to stop it until very recently. The same could happen in
Britain, he warns, if it makes the same mistake.
18. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 18
Corruption is endemic in Sierra Leone.
Sierra Leone is widely considered to be one of the most politically and economically corrupt nations in the
world and international rankings reflect this. Transparency International's 2022 Corruption Perceptions
Index scored Sierra Leone at 34 on a scale from 0 ("highly corrupt") to 100 ("very clean"). When ranked by
score, Sierra Leone ranked 110th among the 180 countries in the Index, where the country ranked first is
perceived to have the most honest public sector.[1]
For comparison, the best score was 90 (ranked 1), the worst
score was 12 (ranked 180), and the average score was 43.[2]
The 2018 Global Competitiveness Report ranked
Sierra Leone 109th out of 140 countries for Incidence of Corruption, with country 140 having the highest
incidence of corruption.[3]
Corruption is prevalent in many aspects of society in Sierra Leone, especially in the
aftermath of the Sierra Leone Civil War. The illicit trade in conflict diamonds funded the rebel Revolutionary
United Front (RUF) forces during the civil war, leading to fighting between the Sierra Leone Army and the
RUF for control of the diamond mines.[4]
Widespread corruption in the health care sector has limited access to
medical care, with health care workers often dependent on receiving bribes to supplement their low pay.[5]
.
In understanding the problems of corruption in African Union Member States we can seek to solve the
current issues in Africa.
Income inequality is rising, while underemployment and the lack of economic opportunities push some
individuals to join criminal groups, gangs or rebel movements, reinforcing the links between inequality,
criminal activity and violence. The United Nations Economic Commission for Africa’s High Level Panel on
Financial Crime and Illicit Financial Flows has estimated that illicit financial flows (IFFs) from Africa could
amount to as much as USD 50 billion (US dollars) per year. Although the figures on IFFs are heavily
disputed, current analyses agree that IFFs exceed the amount of Official Development Assistance (ODA)
provided to Africa. Previous research has largely focused on capturing the volumes and sources of Fin-Crime
and IFFs, and on identifying the commercial practices that contribute to them such as trade misinvoicing,
mispricing, tax evasion and avoidance, and transfer pricing. This Book takes a different approach by seeking
to build the evidence basis on criminal and illicit economies, the Fin-Crime and IFFs these economies
generate, and their impact on development. The Book reviews diverse forms of economies prevalent in
Africa that are usually seen as criminal or illicit, organizing them through a typology according to a range of
illegal activities, from natural resource crimes to illicit trade in normal legal goods. This analysis leads to the
following conclusions: Financial Crime, criminal and illicit economies produce IFFs that undermine country
capacities to finance their development; and criminal economies and IFFs are a potent negative force that
contribute to the degradation of livelihoods and ecosystems, undermine institutions, reinforce clientelist
politics and enable impunity, in different ways across the region’s countries. Key findings Criminal acts are
enabled by a diverse set of actors, including criminal networks, the private sector (both domestic and
international), and state officials. Criminal methods are dynamic processes, changing in response to
opportunities, and to global and local market forces. IFFs and Financial criminality erode the fabric of the
state across the region, and often cause politics, business and crime to converge, creating ambiguity around
governance and rule of law. Certain criminal and illicit economies in the region carry low levels of stigma
19. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 19
within communities, as they are an important source of livelihood, building legitimacy that enables alternative
governance providers to compete with the state and create alternate sources of authority.
CHAPTER ONE
OVERVIEW AND DEFINITIONS
What are some of the main reasons for fighting Financial Crime in the African Continental Free Trade Zone
Area?
Interferes with government revenue:
1. To protect the Resources: As part of protecting the resources of Africa, financial criminals will often
try to avoid paying taxes on goods and services. This gives a country's government less money to
spend on important projects, makes tax collection more difficult, and often results in higher taxation
on legitimate citizens.
2. Some people and groups will do anything for money or other forms of wealth—even resort to
breaking the law. They may try to claim that these financial crimes are justifiable because they have
no victims, or that the victims can afford the losses. In reality, they are still illegal because they can
cause widespread harm—not only in finance, but also in business, politics, and culture.
So what are financial crimes, and what are some common types? Why are they so damaging to so many
areas of society?
And what can organizations expect the battle against financial crime to look like in the near future? We’ll
cover all that and more in this Book.
In other to walk through this Book we have to understand the main definitions and terms that defines this
Book.
Let us look at some Terms and definitions according to the Oxford Languages Dictionary.
African Union Continental Free Trade Zone
What is Africa Continent?
Africa is a Continent: The most important thing to know is that Africa is not a country; it's a continent of 55
countries that are diverse with culturally and geographically different. It's so diverse because Africa is really
big as big as the combined landmasses of China, the United States, India, Japan and much of Europe.
20. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 20
What is Union?
A union is a state of being united, a combination, as the result of joining two or more things into one:
to promote the union between two families; the Union of African brings all Countries of Africans into
one Union-Called the African Union (AU).
A union is a workers' organization which represents its members and which aims to improve things
such as their working conditions and pay.
What is a Continent?
What is a simple definition of continent?
A continent is a large continuous mass of land conventionally regarded as a collective region. There are seven
continents: Asia, Africa, North America, South America, Antarctica, Europe, and Australia (listed from
largest to smallest in size)
What is Free?
1. Able to act or be done as one wishes; not under the control of another
Not or no longer confined or imprisoned.
Without cost or payment.
Release from confinement or slavery.
Remove something undesirable or restrictive from
2. What is Trade?
The action of buying and selling goods and services
Commerce:
buying and selling
dealing with traffic or transporting of business
marketing and merchandising
21. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 21
bargaining and dealings
transactions and negotiations
proceedings
3. A job requiring manual skills and special training. "The fundamentals of the construction trade"
Similar:
craft occupation
job day job
career
profession
business
pursuit living
livelihood
line of work
line of business
vocation calling
walk of life province
field work
employment
4. What is Zone?
An area, especially one that is different from the areas around it, because it has different
characteristics or is used for different purposes: a danger/safety zone.
an area or stretch of land having a particular characteristic, purpose, or use, or subject to particular
restrictions
An encircling band or stripe of distinctive colour, texture, or character.
5. What is Area?
Area is defined as the total space taken up by a flat (2-D) surface or shape of an object. The space
enclosed by the boundary of a plane figure is called its area. The area of a figure is the number of unit
squares that cover the surface of a closed figure.
What is Financial Crime?
Financial crime is any activity that allows an individual or group to unlawfully gain financial assets (including
money, securities, or other property). It typically involves directly stealing from a person or institution, or else
illegally changing or obscuring who owns an asset.
22. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 22
Financial crime is sometimes referred to as “white-collar crime” because it targets assets rather than people
themselves, and so tends to be non-violent (but not always). In any event, it can still be extremely damaging
to individuals’ financial situations, and even regional or global markets.
What are the types considered a Financial Crime?
Financial crimes can be divided into two categories.
The first category is an entity generating financial benefits for themselves or others through deceptive
or illicit practices. This can include a business employee using privileged information to
misappropriate some of the company’s or state funds for their own use. Another example would be
criminal taking money or other assets from someone in exchange for a financial instrument (such as a
Cheque or Money order) that turns out to be fake
The second category is an entity committing a crime that sets them up to commit another crime where
they illegitimately gain a financial advantage or protect their financial benefits through dishonest or
illegal methods. The most recognizable form of the latter is money laundering: putting the proceeds of
crime through a series of complex transactions to make them appear as if they came from a legitimate
source. Another example is people using shell corporations or shell banks to store their money,
obscuring who owns it and therefore helping them avoid paying taxes on it.
What is a Shell Corporation?
A shell Corporation is an entity with no active business operations or assets. These firms are often set up for
illegal activities, such as tax evasion and money laundering, and to maintain anonymity during transactions.
What are the Problems of shell corporation?
Some of problems of Shell Corporations
Shell corps has minimal operations and exists only on paper, with a registered office and nominal
directors/shareholders. They can be established quickly in jurisdictions with favorable regulations for
company formation and privacy.
The primary use of a shell crop is for illegal activities while appearing legitimate. For example, individuals or
organizations may hide assets and launder money by transferring funds through multiple shell corps. Due to
the complex ownership and operations across multiple jurisdictions, it is difficult to trace those behind these
activities.
23. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 23
To prevent abuse, governments should implement measures such as stricter regulatory requirements,
enhanced due diligence, and increased transparency. These efforts aim to prevent criminals from exploiting
shell corps for illegal purposes.
Legitimate firms can also utilize shell corps, such as multinationals creating subsidiaries in different countries
for tax planning or to simplify corporate structures. In these cases, the primary purpose is not illegal activities
but to facilitate legitimate business operations.
To ensure that shell corps, are not misused, regulations should include Know Your Customer (KYC)
procedures when registering new companies. This involves conducting comprehensive background checks on
directors and beneficial owners to verify their identities and credibility.
Authorities should also require more reporting on financial transactions and beneficial ownership structures.
By collecting and sharing this information internationally, law enforcement agencies can better detect and
investigate activities involving shell corps.
Other Shell Corporations Definitions
Shell corporations, or shell entities, are defined by their lack of substantial business operations or assets. They
are inactive and used for various financial transactions. Legitimate uses of shell corporations include tax
planning, asset protection, and confidentiality. But, they can also be used for illicit activities like money
laundering and fraud.
Characteristics of Shell Corporations:
1) Shell corporations usually have no physical presence or employees. They may have a registered
address, but no actual office or staff. This makes it hard to trace the true owners.
2) Nominee directors and shareholders are often used. These people act on behalf of the owners, but
their names are listed in public records. This allows for anonymity.
3) Shell corporations usually have minimal capitalization and nominal assets. They may only hold a
small amount of cash or shares in other companies. This makes it difficult for authorities to seize
assets or hold the entity accountable.
4) Complex financial transactions are often carried out by shell corporations. These transactions are
done to hide funds, evade taxes, or disguise illegal activities. This further complicates investigations.
The Guardian found that, between 1995 and 2015, over 175,000 shell companies were set up in London with
ties to offshore tax havens, such as British Virgin Islands and Panama Papers leak sources.
Legal and Ethical Issues Surrounding Shell Corporations
Embezzlement Controls
24. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 24
Cybercrimes embezzlement schemes
Shell corporations can bring a lot of legal and ethical problems. They’re often used for bad stuff, like
money laundering, embezzlement, and dodging taxes. Here’s a breakdown of the main issues:
Money Laundering: People use shell corporations as a way to funnel illegal money.
Tax Evasion: By using overseas shell corporations, people can dodge taxes in their own countries.
Fraud: Shell corporations are sometimes set up for fraud, like Ponzi or pyramid schemes.
Anonymous Ownership: People use shell corporations to hide their identity, making them hard to punish for
bad behavior.
Regulatory Compliance: Shell corporations can manipulate regulations and get away with it.
These aren’t the only problems with shell corporations. Terrorism financing and corruption are also involved.
To crack down on them, regulatory bodies all over the world are keeping an eye out.
Tip: When dealing with others, check if they have any links to shell corporations to avoid the risks.
Types of Financial Crime
Financial crime has a broad definition that sometimes includes all illegal activity targeting financial
institutions, or even any illicit generation or use of money for an advantage. Here are ten common types of
financial crime.
Fraud
Financial fraud crimes encompass any activities intended to gain or protect financial benefits through
deceitful and unethical means. Fraud is a wide category that can include many of the other crimes on this list,
such as impersonation, counterfeiting, identity theft, and falsifying business records.
Money Laundering
Money laundering is a financial crime that aims to cover up the source of the proceeds of crime. Its first
objective is to sneak money generated through illegal activities into a financial system (placement). Its second
objective is to move that money around to build up a transaction history, giving it the appearance of
legitimacy and making it difficult to trace back to its original criminal source (layering/structuring). Its final
objective is to return the money to criminals for them to spend without attracting attention from authorities
(integration).
Terrorist Financing
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Terrorist financing refers to entities providing financial assets to terrorists—both individuals and groups.
Their aim is to help terrorists purchase weapons, supplies, and anything else they need to carry out attacks on
innocent civilians.
The penalties for being caught aiding terrorists are very severe, so terrorist financing is somewhat akin to
money laundering. That is, criminals wanting to finance terrorists have to use tricks to sneak assets into
legitimate financial systems, then conceal where the money is coming from and going to.
Embezzlement
Embezzlement is when an entity is entrusted with—or given access to—funds to be used towards certain ends,
with the entity then illicitly using that money for other purposes. They may transfer it to their own accounts or
those of another, creating fake invoices or receipts to try and cover their tracks. Embezzlement often occurs
within organizations and can range from petty theft to multi-million dollar schemes.
Corruption and Bribery
Similar to embezzlement, corruption is when an entity in a position of power acts outside of its mandate in
order to unlawfully gain advantages—including financial ones—for themselves or others. Corruption can
actually involve embezzlement, and it can also involve bribery.
Bribery is the other side of corruption. It’s when an entity illegally gives financial benefits to authorities in
exchange for receiving preferential treatment in decisions affecting the public. An example is a company
paying officials in a country to get them to allow it to operate there without needing to comply with all
necessary regulatory obligations.
Tax Evasion
An entity intentionally not paying their taxes, or paying less tax than they owe, is a financial crime called tax
evasion. There are several ways to commit tax evasion. One is to deliberately fail to report taxable income.
Another is to purposely claim more tax deductions than one is entitled to. Refusing to file a tax return at all
also counts as tax evasion.
An entity may also commit tax evasion by storing or investing their assets in banks or companies in other
countries, or that are “shells” (i.e. they have no physical location and/or no active operations). This allows
them to falsely claim that they have fewer assets than they actually do, in an attempt to illegally pay less tax
than they truly owe.
Insider Trading and Market Abuse
Sometimes, an entity may cheat the stock market by buying or selling securities based on proprietary
information regarding a company’s financial situation. This is called insider trading, and it’s a financial crime
in many places. This is because the entity either was entrusted with the information for other purposes (similar
26. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 26
to corruption and embezzlement) or outright stole it. So they got an unfair advantage by using information the
public wasn't supposed to know (yet).
There are other ways criminals can illegally manipulate stock markets. One example is “wash trading”—
purchasing and then immediately re-selling shares in a company. This creates the illusion that the company’s
stock is seeing a lot of financial activity, which can inflate its price.
Another such scheme is called “pump and dump”. This involves an entity purchasing a low-value stock, then
spreading rumors or other misinformation suggesting that the stock will soon increase in price. Their goal is to
create a flurry of trading activity around the stock, thereby inflating its value. Then they sell off their shares
for a profit before others realize the hype surrounding the stock was fake, and trading activity returns to
normal.
Forgery and Counterfeiting
Other financial crimes involve unlawfully manipulating or duplicating financial assets. These are known,
respectively, as forgery and counterfeiting.
Forgery is illicitly altering a genuine financial asset to create an unintended benefit. In check fraud, for
example, a criminal may name a different payee on the check, or change the amount the check is for. They
may even attempt to fake the signature or other credentials of the check payer or endorser to make it seem like
they authorized the check, when in fact, they did not.
Meanwhile, counterfeiting creates imitations or unauthorized copies of legitimate financial assets. The
criminal’s intention is to spend these fakes as if they were genuine, hoping the other transaction party doesn’t
notice the difference. However, many financial assets now have security features that allow people to tell the
difference between an imitation and a genuine one, or when a genuine one has been illegally copied.
Identity Theft
While identity theft doesn’t involve directly stealing financial assets, it’s often considered a financial crime
anyway. This is because it’s typically used as a means of committing other financial crimes.
The goal is for a criminal to steal someone’s private identity or account access credentials, then use them to
forge the person’s authorization for transactions. This allows the criminal to illegally profit while the victim
bears the costs.
A criminal can use many different methods for identity theft. A common one is phishing, where they trick
victims into revealing their credentials with an enticing and/or urgent request—often appearing as if it came
from a legitimate and authoritative source. They can also break into online accounts to steal credentials or
impersonate victims. Or they may simply purchase credentials exposed by data breaches from the black
market.
Cybercrime
27. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 27
As more financial activity moves online, so too does financial crime. Fraudsters are turning to digital channels
for stealing money and authorization credentials, exposing sensitive information, forging and counterfeiting
financial assets, manipulating markets, and committing many different types of fraud.
Virtual currencies are proving to be especially popular tools for financial crime. Reasons for this include a
current lack of financial regulations surrounding them, as well as most transactions being semi-anonymous. In
addition, many virtual currencies have non-centralized administration on the block-chain, making transactions
difficult to undo once recorded.
All of this has made virtual currencies ripe for schemes such as market manipulation, money
laundering, terrorist financing, tax evasion, and other forms of fraud.
• Market Abuse and Insider Dealing:
Market abuse and insider dealing involve using inside information to make financial gains or manipulate
markets. This can include insider trading, spreading false rumors, or manipulating stock prices.
• Information Security:
Information security involves protecting sensitive information from unauthorized access or disclosure. This
can include theft of personal information, hacking into computer systems, or corporate espionage.
Financial Crime Statistics and Trends to Watch For
According to the Price Water house Coopers 2022 Global Economic Crime and Fraud Survey, about 46% of
organizations worldwide encountered some kind of financial crime that year. Financial crime is tending to
target larger organizations—52% of those targeted in 2022 had annual revenues over $10 billion US, as
opposed to 38% of companies with less than $100 million US annual revenue.
And financial crime is becoming more costly, more often. Of larger companies experiencing fraud, 18% had
their biggest incident of financial crime in 2022, costing them over $50 million US. And 22% of smaller
companies experiencing fraud said their most disruptive financial crime experience cost them at least $1
million US.
Here are some other financial crime trends to watch for in the coming years.
The rise of financial crime in cyberspace
While global financial crime statistics show an overall downward trend, one notable exception is in
cybercrime. The COVID-19 pandemic fueled the demand and adoption of instantaneous remote financial
services, including neo-banks, virtual currency trading, and embedded finance.
However, these services tend to prioritize smooth user onboarding and interface experiences at the expense of
more robust security and risk assessment programs. This leaves them more vulnerable to bad actors—
especially hackers, online fraudsters, and other external parties.
28. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 28
A renewed importance for sanctions screening
Incidents such as Russia’s invasion of Ukraine in February of 2022 have put a spotlight back on sanctions
list compliance. Organizations are scrambling to avoid being penalized for illegally dealing with dangerous
individuals, groups, and countries—both directly and throughout their supply chains. This will be made more
difficult by the increasing popularity of decentralized financing, such as through virtual currencies and crowd
funding.
AI and other changing financial crime prevention procedures
Regulators and compliance teams continue to realize that if they want to keep up with modern financial crime,
they need to do things differently. That includes adopting machine learning models to more accurately
identify signs of financial crime, as well as prioritize the alerts most likely to be true positives.
It also includes taking a more holistic, organization-wide approach to fighting financial crime. That involves
stronger communication between departments to assess customer risk across both onboarding and ongoing
financial activity. It also involves more stringent auditing processes to ensure all parts of an organization are
on board with its overall compliance efforts.
Consequences of Money Laundering and Financial Crime
Again, while financial crime is typically non-violent, it can be used to cover up violent crimes that involve
criminals taking what doesn’t rightfully belong to them. Beyond that, financial crime can have far-reaching
socio-economic impacts that can threaten the administrative stability of entire countries, and even the world.
Here are some reasons why.
Unfairly disadvantages legitimate private businesses: Individuals and groups that engage in
financial crime sometimes conceal their activities behind “front” businesses. Since these businesses
are backed by substantial amounts of illegal money, they can often offer their products or services
at costs that legitimate businesses just can’t match.
Warps industry supply and demand: Financial criminals invest in crime to profit. So when they
do invest in legitimate industries, it’s often as a means of protecting their assets through money
laundering and not because they expect returns. This false demand can put industries in danger of
collapsing when criminals decide to move their money somewhere else.
Threatens the stability of financial institutions: Financial institutions that house the proceeds of
financial crime tend to see large amounts of money move around quickly. This is usually either to
launder the funds or to keep them away from investigating authorities. That can cause liquidity
problems for the FI, which in turn can cause customers to panic and go on bank runs.
Interferes with government revenue: As part of protecting their proceeds, financial criminals will
often try to avoid paying tax on them. This gives a country’s government less money to spend on
29. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 29
important projects, makes tax collection more difficult, and often results in higher taxation on
legitimate citizens.
Hampers the economic growth of developing countries: Countries emerging as players on the
world economic stage tend to be focused on growing their financial systems as opposed to
regulating them. This makes them attractive to financial criminals, which makes them less
attractive to people and companies looking to legitimately do business.
Hijacks control of economic policy: Another danger of financial crime being popular in lightly-
regulated developing countries is that its proceeds may exceed the budgets of governments in those
countries. This effectively means that criminals are in control of the country’s economy instead of
the legitimate government.
Contributes to moral breakdown: If financial crime is left unchecked in a country, it encourages
more people to become involved. This results in more victims of criminal activities—such as drug
distribution and human trafficking—who may eventually turn to crime themselves out of isolation
and desperation. This cycle can subvert a country’s rule of law, and even its democratic principles.
Examples of Financial Crime
To illustrate what financial crime looks like in real life, here are a few famous examples of financial crimes
that received significant media attention.
Bernie Madoff’s Ponzi Scheme
Bernie Madoff founded a legitimate investment firm in the 1960s, but it eventually morphed into the biggest
Ponzi scheme in history. It took money from investors and used the funds to pay out dividends to clients who
had come earlier; instead of to back what customers actually wanted to invest in. The fraud, worth $65 billion,
was publicly exposed in 2009. Madoff was sentenced to 150 years in prison, and died in 2021.
Enron’s Accounting Fraud
At the turn of the 21st century, the American energy company appeared to be one of the most profitable
corporations in the world. The reality, however, was that the business was deeply in debt. The company’s
executives—along with accounting firm Arthur Andersen—had been hiding Enron’s money woes behind
misleading financial reporting, accounting loopholes, and off-books subsidiary shell corporations.
By late 2001, investors and journalists had exposed Enron’s fraud, putting the business on the verge of
bankruptcy. The company’s collapse cost investors upwards of $74 billion US, and several executives from
both Enron and Arthur Andersen were sentenced to long prison terms. The scandal led the US government to
pass the Sarbanes-Oxley Act in 2002 to impose stricter regulations on corporate financial reporting.
Martha Stewart’s ImClone Insider Trading Scandal
The famed retail entrepreneur, author, and TV personality was involved in a very public insider trading
scandal in the early 2000s. Her former stockbroker, Peter Bacanovic, illegally told her that ImClone—a
biotechnology company she had shares in—was about to have an experimental cancer treatment rejected by
30. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 30
the Food and Drug Administration. Knowing this would drive down the company’s stock price, Stewart sold
her shares a day before the announcement went public.
The Securities and Exchange Commission launched an investigation, refusing to believe this move was mere
coincidence. In mid-2003, both Stewart and Bacanovic were charged with insider trading. Stewart was found
guilty and served 5 months in prison.
Financial Crime Prevention: How Governments and Businesses Can Stop Financial Crime
Today, many criminals who commit financial fraud, launder money, and engage in terrorist financing are
incredibly sophisticated and agile, allowing them to continue their criminal activity without detection.
For businesses to avoid exposure to these sorts of illegal actions, they must take preemptive actions,
including investing in the infrastructure and systems needed to prevent and identify any kind of criminal
activity.
Many of these financial crimes require cross-border transactions. Unfortunately, the current international
financial network makes sophisticated criminal activity even more challenging to trace and prosecute. Money
launderers leverage differences in regulations to move money between countries, clouding the trail.
And those financing terrorist activities need to transfer money in and out of countries to execute their attacks.
To complicate matters further, in-country connections such as government officials, bank employees,
accountants, and others make it easier for these illegal cross-border transactions to go undetected.
Most countries have deployed comprehensive regulations to enable financial institutions to help detect,
investigate, and report suspicious activity.
Banks and financial institutions must comply with the Bank Secrecy Act (BSA) in the US. In addition, the UK
has instituted the Proceeds of Crime Act (POCA), while the EU has put in place the Anti-Money Laundering
Directives (AMLD). All of these regulations are consistent with the guidance provided by the
intergovernmental organization, the Financial Action Task Force (FATF).
By complying with these regulations, financial institutions can help prevent financial crimes such as fraud,
money laundering, and the financing of terrorist activity. On top of this, teams can optimize operations
and reduce false positives. Compliance generally falls into detecting suspicious activity, investigation, and
reporting to the appropriate government entity.
Unit21’s Anti-Fraud and AML Infrastructure is Here to Help You Guard Against Financial Crime
There’s no denying that it takes a lot of work to stop financial crime. Compliance with national and
international detection and prevention standards is a good start. However, this is often easier said than done.
31. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 31
New types of financial crimes are constantly appearing as policies, procedures, and technologies change.
So regulations—and, consequently, organizations’ compliance programs—have to adapt as well.
Ultimately, countering financial crime is about risk management: knowing how and where an organization is
vulnerable, and implementing the proper controls where reasonable—including identity
verification, transaction monitoring, and case management. This helps the organization not only limit the
chance of being victimized by financial crime but also work quickly to control the damage financial crime
causes if it actually happens.
Of course, using digital tools like Unit21’s is much more efficient than trying to handle everything
manually. Contact us for a demo of how our infrastructure can save an organization time, money, and other
resources.
What is African Union Continental Free Trade Zone is all about?
What is the AfCFTA?
AfCFTA by simply definition can be described as an interest ground that came together to defend the
continental resources and trade right. The AfCFTA is composed of almost all African countries. With Nigeria
and Benin having agreed to join in, only Eritrea is yet to sign. Eritrea’s government declared that they will
most likely come on board. This would result in a continental trade agreement and the largest FTA.
The AfCFTA is an ambitious trade pact to form the world’s largest free trade area by creating a single market
for goods and services of almost 1.3bn people across Africa and deepening the economic integration of
Africa. The trade area could have a combined gross domestic product of around $3.4 trillion, but achieving its
full potential depends on significant policy reforms and trade facilitation measures across African signatory
nations.
The AfCFTA aims to reduce tariffs among members and covers policy areas such as trade facilitation and
services, as well as regulatory measures such as sanitary standards and technical barriers to trade.
The agreement was brokered by the African Union (AU) and was signed by 44 of its 55 member states in
Kigali, Rwanda on March 21, 2018. The only country still not to sign the agreement is Eritrea, which has a
largely closed economy.
As of May 2022, 46 of the 54 signatories had deposited their instruments of ratification with the chair of the
African Union Commission, making them state parties to the agreement.
Figure 1.1 Leadership and Trade-nexus
32. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 32
The AfCFTA Secretariat, an autonomous body within the African Union based in Accra, Ghana, and led by
secretary general Wamkele Mene, is responsible for coordinating the implementation of the agreement. (1.
https://african.business/2022/05/trade-investment/what-you-need-to-know-about-the-african-continental-free-
trade area#:~:text=The%20AfCFTA%20is%20an%20ambitious,the%
Objective:
The main objectives of the ACFTA are to create a single continental market for goods and services, with free
movement of business persons and investments, and thus pave the way for accelerating the establishment of
the Customs Union.
Why is this Book looking at Financial Crime, criminal economies and illicit financial flows in Africa?
Financial crimes can have serious consequences or impacts for the African Union Leaders, individuals and
society as a whole, including economic instability, loss of public trust in financial institutions, and erosion of the
rule of law.
Organized criminal groups, however, may also adopt terrorist tactics of indiscriminate violence and large-
scale public intimidation to further criminal objectives or fulfill special operational aims. Organized criminal
33. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 33
groups and terrorist organizations may build alliances with each other. The nature of these alliances varies
broadly and can include one-off, short-term, and long-term relationships. With time, criminal and terrorist
groups may develop a capacity to engage in both Financial Crime and Illicit Financial outflows into their
criminal and terrorist activities, thus forming entities that display the characteristics of both groups.
Financial crime is a broad term used to describe criminal activities that involve money or other financial
resources. It refers to any illegal activity that involves the use of financial systems, institutions, or instruments for
illicit purposes, typically with the goal of generating profits for the perpetrators.
Financial crimes can take many different forms:
1. Money laundering
2. Fraud,
3. Embezzlement,
4. Insider trading or Fraud
5. Cybercrime.
6. Bribery and Corruption
Who Commit these Crimes?
These crimes are often committed by:
Individuals
groups of People
Governmental and Non-Governmental Organizational
Banking and other Financial Institutions Seeking to profit
From illegal activities,
Such as drug trafficking,
Human trafficking, or
Terrorism.
Rebel Wars
Figure 1.2 Crime-terror nexus
34. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 34
Financial crime is a complex and ever-evolving problem that requires a multifaceted approach to combat. This
includes all Leadership sector, the Law enforcement agencies, regulatory bodies, and financial institutions all play
important roles in detecting and preventing financial crimes. Leaders should implement Effective measures to
combat financial crime include strengthening anti-money laundering and counter-terrorist financing regulations,
enhancing cross-border cooperation, and leveraging technology and data analytics to identify suspicious
activities.
Financial Crimes are criminal activities carried out by individuals or criminal organizations to provide
economic benefits through illegal methods. Financial crimes, which have become a critical issue in recent
years worldwide, cause significant harm to the economy and society of Africa. Income from financial crimes
corresponds to a substantial proportion of global GDP. Therefore, regulatory bodies constantly develop new
tactics to combat financial crimes. In addition, with the development of technology, criminals develop new
tactics. Today's most common financial crimes are terrorist financing, money laundering, corruption,
and fraud.
Money laundering is the process of turning earnings from crime into legal earnings. Cartels and gangs are the
most common money launderers. Some sophisticated techniques may include different financial institutions
such as accountants, shell companies, and financial and consulting institutions. These criminal organizations
use assets that make money laundering and increase complexity to finance money laundering in illegal money
transfers between countries and terrorism. As a result, regulators have obliged financial institutions to
implement various controls to prevent financial crimes. These are commonly referred to as "anti-money
35. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 35
laundering obligations." Organizations that do not fulfill their AML obligations are punished with fines by
regulatory bodies.
THE ILLICIT TRADE FINANCIAL OUTFLOWS IN AFRICA
Financial crime
Demystification of Financial Crime Chronologically
Financial crime is crime committed against property, involving the unlawful conversion of the
ownership of property (belonging to one person) to one's own personal use and benefit. Financial
crimes may involve fraud (cheque fraud, credit card fraud, mortgage fraud, medical fraud, corporate
fraud, securities fraud (including insider trading), bank fraud, insurance fraud, market manipulation,
payment (point of sale) fraud, health care fraud); theft; scams or confidence tricks; tax
evasion; bribery; sedition; embezzlement; identity theft; money laundering;
and forgery and counterfeiting, including the production of counterfeit money and consumer goods.
Financial crimes may involve additional criminal acts, such as computer crime and elder abuse and
even violent crimes such as robbery, armed robbery or murder. Financial crimes may be carried out by
individuals, corporations, or by organized crime groups. Victims may include individuals,
corporations, governments, and entire economies.
Law enforcement often classifies larger forms of financial collusion as criminal syndicates.
Bribery
The U.S. introduced the Foreign Corrupt Practices Act in 1977 to address bribery of foreign officials. This
legislation dominated international anti-corruption enforcement until around 2010 when other countries
began introducing broader and more robust legislation, notably the United Kingdom Bribery Act
2010.[1][2]
The International Organization for Standardization introduced an international anti-bribery
management system standard in 2016.[3]
In recent years, cooperation in enforcement action between
countries has increased.[4]
Main Types of Financial Crime
Money Laundering:
Money laundering is a financial crime that involves disguising the proceeds of illegal activities such as drug
trafficking, bribery, or fraud as legitimate funds. The goal is to make the funds appear legitimate so they can
be used without detection. This process usually involves a series of transactions that makes it difficult to trace
the origin of the funds.
36. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 36
Terrorist Financing:
Terrorist financing is the process of providing funds or financial support to individuals or groups who carry
out terrorist activities. This can include providing money to purchase weapons or fund terrorist attacks.
Fraud:
Fraud is a type of financial crime that involves intentionally deceiving someone for personal or financial gain.
Examples of fraud include identity theft, investment scams, and insurance fraud.
Cybercrime:
Electronic crime, also known as cybercrime, is a type of financial crime that involves the use of computers or
the internet to commit fraudulent activities. This can include hacking into computer systems to steal personal
information, credit card fraud, or phishing scams.
Bribery and Corruption:
Bribery and corruption are financial crimes that involve offering or accepting money or other benefits in
exchange for favors or preferential treatment. This can occur in government, business, or other sectors.
Tax Evasion:
Tax evasion is the illegal non-payment or underpayment of taxes by individuals or businesses. This can
involve failing to report income, claiming false deductions, or hiding assets.
Embezzlement:
Embezzlement is the theft or misappropriation of funds that have been entrusted to someone. This can occur
in a variety of settings, such as in the workplace or in nonprofit organizations.
Market Abuse and Insider Dealing:
Market abuse and insider dealing involve using inside information to make financial gains or manipulate
markets. This can include insider trading, spreading false rumors, or manipulating stock prices.
• Information Security:
Information security involves protecting sensitive information from unauthorized access or disclosure. This
can include theft of personal information, hacking into computer systems, or corporate espionage.
Demystified details of financial crime
For most countries, money laundering and terrorist financing raise significant issues with regard to
prevention, detection and prosecution. Sophisticated techniques used to launder money and finance terrorism
add to the complexity of these issues. Such sophisticated techniques may involve different types of financial
37. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 37
institutions; multiple financial transactions; the use of intermediaries, such as financial advisers, accountants,
shell corporations and other service providers; transfers to, though, and from different countries; and the use
of different financial instruments and other kinds of value-storing assets. Money laundering is, however, a
fundamentally simple concept. It is the process by which proceeds from a criminal activity are disguised to
conceal their true origin. Basically, money laundering involves the proceeds of criminally derived property
rather than the property itself. Money laundering can be defined in a number of ways, most countries
subscribe to the definition adopted by the United Nations Convention Against Illicit Traffic in Narcotic Drugs
and Psychotropic Substances (1988) (Vienna Convention) and the United Nations Convention Against
Transnational Organized Crime (2000) (Palermo Convention):
i. The conversion or transfer of property, knowing that such property is derived from any
(drug trafficking) offense or offenses or from an act of participation in such offense or
offenses, for the purpose of concealing or disguising the illicit origin of the property or of
assisting any person who is involved in the commission of such an offense or offenses to
evade the legal consequences of his actions;
ii. The concealment or disguise of the true nature, source, location, disposition, movement,
rights with respect to, or ownership of property, knowing that such property is derived from
an offense or offenses or from an act of participation in such an offense or offenses, and;
iii. The acquisition, possession or use of property, knowing at the time of receipt that such
property was derived from an offense or offenses or from an act of Participation in such
offense or offenses.
iv. The Financial Action Task Force on Money Laundering (FATF), which is recognized as
the international standard setter for Anti-money Laundering (AML) efforts, defines the
term "money laundering" briefly as "the processing of criminal proceeds to disguise their
illegal origin" in order to "legitimize" the ill-gotten gains of crime.
In 2005, money laundering within the financial industry in the UK was believed to amount to £25bn a
year.[5]
In 2009, a United Nations Office on Drugs and Crime (UNODC) study [6]
estimated that criminal
proceeds amounted to 3.6% of global GDP, with 2.7% (or USD 1.6 trillion) being laundered. [7][8]
The Irish Department of Housing urged minister Darragh O’Brien to “ask in the strongest terms for the UAE
to account for its relationship to Daniel Kinahan” a drug kingpin charged along with his brother, Christopher
Kinahan in 2018 by the High Court of controlling and managing the daily drug operations in Ireland. The
Kinahan brothers are sons of the Kinahan Cartel founder, Christy Kinahan Senior, who smuggled drugs and
firearms into the UK, Ireland, and mainland Europe for a long. For several years, the Kinahan leadership had
been residing in Dubai, where Daniel denied his involvement in organized crime by defending himself as a
‘high-profile businessman in the professional boxing industry’. According to Panorama investigation, Daniel
has operated in the boxing industry through MTK and simultaneously operated Europe’s biggest money
laundering, drug trafficking, and gangland executions networks from Dubai. A spokesperson for minister
O’Brien said, “respect for human rights is a cornerstone of Ireland’s foreign policy,” when asked if the
minister would raise the concerns regarding Daniel’s presence and operations in Dubai on his visit in March
2022 for St Patrick’s Day.[9] [10]
38. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 38
Fraud
In 2005, fraud within the financial industry was estimated to cost the UK £14 billion a year.[5]
Law enforcement agencies
There are law enforcement agencies whose main enforcement activities focus on criminal violations of their
country's tax code and related financial crimes, such as money laundering, currency violations, tax-related
identity theft fraud, and terrorist financing. Some of these law enforcement agencies are:
Australia - Australian Taxation Office
Canada - Canada Revenue Agency
Mexico - Unidad de Inteligencia Financiera
Netherlands - Fiscale Inlichtingen- en Opsporingsdienst
Nigeria - Economic and Financial Crimes Commission
United Kingdom - Her Majesty's Revenue & Customs
United States of America - Internal Revenue Service, Criminal Investigation
Black market
Credit card fraud
Financial Crimes Enforcement Network
Financing of terrorism
Fraud
Greenmail
Grey market
Mafia
Money laundering
Organized crime
Securities fraud
Skimming (casinos)
Skimming (fraud)
Structuring (smurfing)
Tax haven
White-collar crime
World Bank residual model
Wood laundering
MEASURES AGAINST FINANCIAL CRIMES
USA-
There are many national and global organizations to combat financial crimes. For instance, The Financial
Crimes Enforcement Network (Fin-CEN) is a US and Treasury Department's office that collects and analyzes
39. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 39
financial transactions to combat national and international money laundering, terrorist financing, and other
financial crimes. These organizations publish regulations that companies have to comply with. Regulators
impose penalties on organizations that do not comply with regulations. Financial institutions must comply
with compliance regulations such as AML and KYC requirements.
With the development of technology, methods of combating financial crimes are developing. With the
developing Reg-Tech sector in recent years, solutions to combat financial crimes have increased. AML
solutions, developed with artificial intelligence and machine learning methods, enable the detection and
prevention of financial crimes. AML solutions are increasing year by year because manual control methods
are dysfunctional and waste a lot of time.
KENYA, ITALY
The OECD, Kenya, Italy and Germany launched the pilot Africa Academy for Tax and Financial Crime
Investigation at the G20 Africa Partnership conference on 13 June 2017 in Berlin, Germany. Representatives
of the four partners signed a Declaration of Intent to launch this academy, which seeks to strengthen the
capacity of tax and financial crime investigators in tackling illicit financial flows. The sums lost to these
flows, including tax evasion, money laundering, bribery and corruptions are vast. In Africa alone, the 2015
Mbeki report estimates the losses in excess of 50 billion US dollars per year due to illicit financial flows.
Illicit financial flows all thrive in a climate of secrecy, inadequate legal frameworks, tax regulation, poor
enforcement, and weak inter-agency co-operation. Technology and an increasingly borderless world have also
facilitated globalized financial crime, creating further challenges for those charged with investigating and
prosecuting such crimes.
This initiative, supported by the G7 Bari Declaration (May 2017), aims to provide demand-driven
training addressing the specific needs of African countries and building on Africa-wide experiences and best
practices in tackling Financial Crime and illicit financial flows. The Africa Academy Programmes will cover
all aspects of conducting and managing financial investigations, including complex money laundering and the
role of tax investigators, investigative techniques, identifying, freezing & recovering assets, managing
international investigations, and also specialty topics such as VAT/GST fraud.
The Africa Academy is hosted at the Kenya School of Monetary Studies (KSMS) in Nairobi, Keny
SIERRA LEONE
Sierra Leone’s main institutional frameworks for AML/CFT include the following:
Ministry of Justice (MOJ) is in charge of the legislation on criminal law, as well as on company law and law
on associations and foundations. It also coordinates criminal prosecutions, including those related to ML/TF
and plays some roles in international cooperation, including giving effects to MLA and extradition requests.
Ministry of Finance (MOF) provides general support and ensures adequate funding for effective
implementation of AML/CFT measures. The Minister is the chair of the Inter-Ministerial Committee which is
the highest oversight body on AML/CFT in the country.
40. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 40
Ministry of Foreign Affairs (MOFA) is responsible for the communicating designations made by the United
Nations Security Council related to terrorism and proliferation, including notification of changes, to relevant
competent 39 3rd follows up Report of Sierra Leone, May 2010 SIERRA LEONE MUTUAL
EVALUATION REPORT │ 32 authorities. It also serves as the point of contact between Sierra Leone and
the relevant UN Committees.
Financial Intelligence Unit (FIU) is responsible for receiving and analyzing STRs and other information,
and disseminating the resultant financial intelligence to relevant competent authorities. The FIU is also
GIABA’s focal point on AML/CFT matters in Sierra Leone.
National Revenue Authority (NRA) is responsible for the implementation of revenue and customs
legislation within Sierra Leone. It is also tasked with the collection of non-tax revenues. The Revenue
Investigation and Intelligence Unit of the NRA handle all investigations which fall within the NRA’s
mandate.
National Drug Law Enforcement Agency (NDLEA) is mandated to coordinate all issues relating to drug
control, eradicate drug abuse and the primary causes of drug abuse, illicit drug supply and drug-related crime.
Its mandate extends to investigating narcotic offences and related ML.
Anti-Corruption Commission (ACC) is responsible for investigating allegations of corruption and to take
steps to eradicate or suppress corrupt practices including examining of the practices and procedures of
Government Ministries and other public bodies to identify vulnerabilities for corruption and to perform public
education. It also has power under Section 71 of AML/CFT Act to investigate and prosecute ML cases.
Sierra Leone Police (SLP) is primarily responsible for law enforcement and crime investigation throughout
Sierra Leone. Its mandates include to prevent crime, protect life and property, detect and prosecute offenders,
maintain public order, ensure safety and security, enhance access to justice and to ensure police primacy for
internal security and safety. The investigative functions of the SLP, including investigation of financial crimes
are conducted by the Criminal Investigation Department (CID).
Central Intelligence and Security Unit (CISU) functions include the collection and assessment of any
intelligence that may constitute a threat to the security of Sierra Leone and protecting the country from
threats, including terrorism, money laundering and other serious crimes. It also coordinates the
implementation of the Terrorism Prevention (Freezing of International Terrorists Funds and Other Related
Measures) Regulations, 2013.
Transnational Organized Crime Unit (TOCU) is an inter-agency Unit with mandate to fight illicit trafficking
of drugs and organized crime, including ML. It also supports international and cross-border cooperation
efforts to counter illicit trafficking and other forms of organized crime.
Courts are responsible for resolving conflicts, prosecuting crimes, suppressing violations of democratic
legality and ensuring the protection of the rights of citizens. The High Court of Sierra Leone has original
jurisdiction for adjudication of cases relating to ML/TF.
41. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 41
National Minerals Agency (NMA) is responsible for the regulation and supervision of the mining industry.
Amongst other tasks, it issues artisanal miner, dealer and exporter licenses. In respect of applications for
exporter SIERRA LEONE MUTUAL EVALUATION REPORT │ 33 licenses, basic background checks are
conducted including determining the financial status of the applicant. Also the Agency is tasked with the
prevention of mineral smuggling. One part of this role is conducted by Mines Monitoring Officers who have
the authority to search vehicles and persons for illicit minerals. Another component is the reconciliation of the
transaction receipts for the minerals, which is used to demonstrate their origin for export purposes.
National Tourist Board (NTB) is the prudential regulator for casinos, hotels, restaurants, night clubs, and
tourism handling agency or travel agency. It licenses and regulates the activities of these operators.
AML/CFT Regulatory and Supervisory Bodies are broadly responsible for the regulation and supervision of
AML/CFT compliance by reporting institutions. The Bank of Sierra Leone supervises financial institutions
and currency exchange and transmission businesses; the Sierra Leone Insurance Commission supervises the
insurance industry; the General Legal Council to supervises legal practitioners; the Institute of Chartered
Accountants of Sierra Leone supervises auditing firms and chartered accountants, while for other reporting
entities which do not have a designated supervisory authority, the AML/CFT Act designates the FIU as the
temporary supervisor until appropriate supervisory authority is designated by law. The Inter-Ministerial
Committee (IMC) is the highest AML/CFT coordination body in Sierra Leone. It is comprised of the Minister
of Finance (Chair); The Attorney General; The Minister of Internal Affairs; Governor of the Central Bank;
and Director of the FIU, and is supported by the Technical Committee which comprises 19 of Sierra Leone’s
key AML/CFT institutions40 (see IO.1).
2. Sierra Leone Extractive Industries Transparency Initiative - https://eiti.org/sierra-leone
3. NMA / Statistics Sierra Leone, 2019
4. NMA
5. Mining Journal, September 2018 supplement. www.mining-journal.com
6. NRA
7. A Report of the Informal Economy in Sierra Leone by Osman Awoto Soltani-Koroma
https://ecastats.uneca.org/acsweb/Portals/0/Economic%20Statistics/AGNA%20Addis/2ESNA%202014/59.pd
f
8.Sierra Leone 2015 Population and Housing Census – Thematic Report on Economic Characteristics,
https://www.statistics.sl/images/StatisticsSL/Documents/Census/2015/sl_2015_phc_thematic_report_on_econ
omic_characteristics.p
42. Assessing The Impacts of Financial Crime To Africa Trade Development Agenda Page 42
NIGERIA
The government of Nigeria has established independent anti-corruption agencies in different sectors of the
economy to fight corruption. In addition, major financial institutions or equity related registrars have
established forms of cooperation with departments involved in the investigation and prosecution of corruption
cases. Even though there is an overlap in duties of the anti-corruption agencies, there are no linkages or any
organizational chart between the agencies; they are all independent of each other. However, the agencies do
exchange information between each other and there exists internal organizational charts in most. This report
sets out to provide an “as detailed as possible” view of each agency, their respective duties, contribution and
interaction with other agencies which are related directly or indirectly to the “Anti-Corruption” fight in
Nigeria.
Featured Agencies
The featured agencies are those which were considered to play a large part within the investigation and
prosecution process, either practically or by providing sufficient and regulated
Paper trails or information:
1. The Independent Corrupt Practices and other related Offences Commission (ICPC)
2. The Economic and Financial Crimes Commission (EFCC)
3. The Code of Conduct Bureau (CCB) and Code of Conduct Tribunal (CCT)
4. The Nigerian Police Force (NPF)
5. Nigerian Extractive Industries Transparency Initiative (NEITI)
6. Bureau of Public Procurement (BPP)
7. The Federal Ministry of Justice (FMJ)
8. The Nigerian Financial Intelligence Unit (NFIU)
9. Special Control Unit Against Money Laundering (SCUML)
10. Public Complaint Commission (PCC)
11. Central Bank of Nigeria (CBN)
12. Other Agencies
13. Other agencies added to the map are interactions which only occur to cement evidence or
Provide helpful legal advice:
14. Real Estate Developers Association of Nigeria (REDAN)
15. Nigerian Bar Association (NBA)
16. Corporate Affairs Commission (CAC)
17. The Securities and Exchange Commission (SEC)
18. Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN)
UK Financial Intelligence Unit
The UK Financial Intelligence Unit (UKFIU) has national responsibility for receiving, analyzing and
disseminating intelligence submitted through the Suspicious Activity Reports (SARs) regime, to share with