Musasizi Urges African Countries to Strengthen Financial Systems Against Crime

What the report says

Finance Minister Henry Musasizi has called on African countries to tighten cooperation and modernize their financial crime controls as delegates from 36 countries gather in Kampala for the second Africa Financial Intelligence Summit. Speaking on Monday at Speke Resort Munyonyo Convention Centre, he said money laundering, illicit financial flows and new digital risks could slow the continent’s economic transformation if authorities do not respond more effectively.

According to Nile Post, Musasizi urged governments and financial intelligence agencies to work more closely across borders, improve the use of technology, and strengthen systems for tracing and recovering criminal proceeds. He said faster-growing tools such as virtual assets, fintech platforms and cross-border payments are creating both economic opportunities and new vulnerabilities that criminals can exploit.

The minister also pointed to Uganda’s recent progress on anti-money laundering and counter-terrorism financing, including its removal from the FATF grey list, while warning against complacency ahead of the country’s 2028 mutual evaluation. He noted remaining risks such as gaps in beneficial ownership disclosure, digital financial crime and asset recovery.

Musasizi said stronger financial intelligence systems can help protect public resources, boost investor confidence and support development. The summit has brought together financial intelligence authorities, law enforcement bodies, regulators, forensic investigators and development partners, with discussions expected to focus on practical cooperation and institutional capacity.