Henry Musasizi, Uganda’s Minister of State for Finance, Planning and Economic Development, has pushed African governments to deepen their collaboration against illicit financial flows. Nile Post reported that Musasizi launched this appeal during the inaugural session of the second Africa Financial Intelligence Summit, held at the Speke Resort Munyonyo Convention Centre in Kampala. The gathering drew participants from 36 nations, including officials from regulatory bodies, forensic teams, and international development partners.
The minister argued that the integrity of the continent’s banking networks is vital for attracting capital and securing public wealth. According to Nile Post, Musasizi noted that the rise of digital banking and virtual currencies has complicated the task of tracking illicit funds. He warned that bad actors are exploiting these technological shifts and gaps in national oversight, requiring African states to upgrade their detection and prosecution capabilities.
Musasizi pointed to Uganda’s recent success in overhauling its anti-money laundering rules, a move that helped the country exit the Financial Action Task Force grey list. Nile Post noted he also praised the local Financial Intelligence Authority for securing an ISO/IEC 27001:2022 security badge, a first for an African unit. Yet the minister cautioned that Uganda must remain vigilant ahead of its 2028 peer review, highlighting risks from hidden ownership structures and digital fraud.
To tackle these issues, the minister advised leaders to fund cyber-resilience projects, such as AI and blockchain analytics. Nile Post reported that he stressed the importance of robust legal tools for seizing and returning stolen assets to the public. He challenged attendees to move beyond basic compliance and build systems that actively prevent crime, ensuring that recovered wealth supports broader economic growth.
Musasizi thanked the Institute of Forensics for choosing Kampala as the host city. He described the event as a chance to boost professional skills and foster lasting partnerships. The summit aims to help participants share lessons and craft practical strategies to defend the region’s expanding digital economy.