SADC Strengthens Regional Efforts to Combat Money Laundering and Terrorism Financing
The Southern African Development Community (SADC), in collaboration with the Strengthening National-Regional Linkages (SNRL) Programme, is intensifying its campaign against financial crimes through regional integration efforts.
A key focus is the work of the SADC Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Committee, which met for its second session in Mahe, Seychelles, in November 2024.
Chaired by Zambia’s Financial Intelligence Unit Director General, Mr. Clement Kapalu, the Committee reviewed proposed amendments to Annex 12 of the SADC Protocol on Finance and Investment.
These amendments aim to incorporate measures addressing proliferation financing, enhance definitions of critical financial terms, and align regional strategies with global standards established by the Financial Action Task Force (FATF).
The Committee is working closely with partners like the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), the EU Global Facility on AML/CFT, and the EU SecFin Africa Programme to help Member States integrate all 40 FATF recommendations.
While Mauritius leads compliance efforts, five Member States remain on FATF’s grey list, signaling the need for enhanced collaboration and capacity building.
The revised Annex 12 will be presented for approval at the SADC Ministers of Finance meeting in Zimbabwe in mid-2025. These efforts underscore SADC’s commitment to fostering financial integrity, safeguarding against illicit financial flows, and driving sustainable economic growth.
