Source: African Development Bank Group
What: Launch of Action Plan for Anti-Money Laundering and Combatting Illicit Financial Flows
Who: The African Development Bank Group
When: February 25, 2025; 10:45 AM – 1:25 PM (GMT)
Where: Virtual event via Zoom
The African Development Bank will launch its new three-year Action Plan for Anti-Money Laundering and Combating Illicit Financial Flows (2024-2026) through an online event on February 25, 2025. The event will bring together experts to discuss practical solutions for protecting Africa’s financial resources from criminal activities.
Research shows that Africa’s losses from illicit financial flows have nearly doubled from $50 billion annually in 2015 to $90 billion in 2020. This represents 3.7% of the continent’s total economic output and nearly equals the combined foreign investment and aid Africa receives each year.
While money laundering and illicit financial flows affect all countries, their impact hits African countries hardest, especially those recovering from conflict or with limited resources. These activities weaken governments and threaten security, often funding long-running conflicts and making it harder for countries to collect revenue and generate resources.
The new action plan will provide a framework to help African countries build stronger systems to detect and prevent money laundering and illicit financial flows. It will showcase the importance of collaboration between the Bank, regional member countries, and development partners to combat financial crimes.
Member countries and regional and international experts will share their experiences fighting money laundering and illicit financial flows. They will discuss how the Action Plan can strengthen these efforts. The discussion will show how stopping financial losses can increase local revenues, support economic stability, and promote sustainable development across Africa.