Money Laundering in East and Southern Africa: An Overview of the Threat

"In today's open and global financial world, characterised by rapid mobility of funds and the introduction of new payment technologies, the fight against money laundering needs to be globally co-ordinated in a comprehensive manner. Money launderers seek the weak links in the chain and the consequences for developing economies can be extremely detrimental.Confronting the menace of money laundering becomes even more challenging in the Southern African sub-region, with its largely cash based economies, its less developed and loosely regulated financial, business and intermediary sectors, its underground banking or money-remitting services, and the gaps in its legal and law-enforcement infrastructures and operational capacities."