Securing a robust AML/CFT Framework against Illicit Financial Flows in Sub-Saharan Africa (SecFin)

In the last decade, illicit financial outflows from Africa have reached a level almost equivalent to the combined total annual inflows of official development assistance (ODA) and foreign direct investment (FDI) received by African countries. This vast volume of capital generated and moved illicitly not only jeopardises the integrity of financial systems and the continent’s socio-economic development by stripping countries of much needed resources, but also has a devastating impact on countries’ governance, the rule of law and collective security. Indeed, much of these illicit financial flows (IFFs) are laundered and/or used to fuel corruption, organised crime, terrorism, and related harmful activities. Transnational organised crimes (TOCs) and terrorism have posed direct serious security threats across the continent of Africa and globally.

It is in this context that the European Union (EU) and its Member States want to contribute to the fight against IFFs, money laundering (ML), terrorist financing (TF) and transnational organised crime in Sub-Saharan Africa through its “AML/CFT” (Anti-money laundering/counter financing of terrorism) programme. The EU has initiated a new phase of this cooperation programme that aims at strengthening national capabilities and international cooperation on AML/CFT and countering IFFs which contribute to increased resource mobilisation, effective utilisation and enhanced security in Sub-Saharan Africa.

A consortium of EU implementation partners, has been selected to deliver this new programme in line with the following goals:

1. To strengthen national capacities, including supervisory/regulatory bodies, law enforcement, Asset Recovery and judicial capacities to prevent and respond to IFFs linked to transnational organised crimes and the financing of terrorism in line with national risk assessments, findings of national mutual evaluations and thereby enhance compliance with FATF standards;
2. To reinforce effective regional and international cooperation and information sharing in the fight against IFFs, money laundering and the financing of terrorism;
3. To increase public and private sector AML/CFT and counter-IFFs awareness that promotes greater transparency and accountability among key actors in the fight against IFFs, ML, TF and organised crimes.

These objectives will be implemented through the deployment of five teams: a Project Management Unit (PMU) seating in Brussels, Belgium and in charge of steering the action, as well as four Regional hubs, in Cameroon, Senegal, South Africa and Tanzania, tasked with the delivery of activities. Addressing the large number of countries targeted under this action will require varied levels of intensity, in particular for engagement at national level, outlined as follows:

• A common training programme, offering ready-made trainings to all requesting beneficiary countries under the mandate of the Action;
• A facility option to support requesting countries featuring systemic deficiencies in their AML/CFT framework to improve technical compliance with FATF standards;
• A high-intensity programme to provide longer-term support to selected countries, answering a specific, wide-reaching issue faced by the jurisdiction, notably with regards to major FATF recommendations and/or immediate outcomes.