By Agnetta Okwemba and Primerose Omoto
Cabinet Secretary for the National Treasury John Mbadi officially handed over the presidency of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) to Teklewold Atenafu, the Finance Affairs Advisory Minister to the Prime Minister of Ethiopia.
Mbadi emphasized on the importance of regional cooperation in combating money laundering and terrorist financing.
He said that under Kenya’s leadership, ESAAMLG saw increased efforts to strengthen financial systems and enhance compliance with international standards.
“Our collective was marked by significant milestones, including Uganda’s successful exit from the Financial Action Task Force’s (FATF) gray list, a testament to the rigorous reforms and commitment to financial transparencyβ he said.
Mbadi added that there are still challenges as both Kenya and Namibia were added to the grey list in February 2024, highlighting the ongoing need for robust measures and high-level political commitment.
The incoming president, Teklewold Atenafu, expressed his gratitude and outlined his vision for the future.
“We must continue to build on the progress made and ensure that our financial systems are resilient and transparent. I look forward to working closely with all member countries to achieve our common goals,” Atenafu said.
ESAAMLG works closely with FATF to enhance the effectiveness of global efforts to combat money laundering and terrorist financing, ensuring that member countries are better equipped to address these threats and maintain the integrity of their financial systems.
FATF’s President, Elisa Madrazo commended ESAAMLG’s effort in setting and implementing a risk-based approach to tackling financial crime.
“Financial inclusion is a key priority to updating regional standards. ESAAMLG’s strategic plan aligns perfectly with our FATF’s goals. We must ensure that money moves through regulated channels to prevent it from going unregulated,” she said.
As ESAAMLG moves forward under new leadership, the commitment to combating money laundering and terrorist financing remains steadfast. The group’s strategic plan for 2024-2027 aims to address emerging threats and challenges faced by member countries and to strengthen the region’s financial integrity.
The handover ceremony was attended by high-ranking officials and representatives from various member countries, who took the opportunity to discuss the importance of regional collaboration in tackling financial crime through effective implementation of FATF standards, financial inclusion, and the new round of mutual evaluations.
