Money laundering in East and Southern Africa: An overview of the threat

This paper presents an overview of the prevailing situation in east and southern African countries

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 cashbased 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.

This paper presents an overview of the prevailing situation in east and southern African countries, against which to predict the efficacy of proposed as well as recently introduced legislative initiatives.

About the author

Charles Goredema is a senior research fellow in the Organised Crime and Corruption Programme at the ISS. He has been conducting research into forms of organized crime in Southern Africa and appropriate criminal and civil justice responses since mid-2000. Charles holds qualifications in law from the universities of Zimbabwe and London.