News story

G8 Public-Private Sector Dialogue on Anti-Money Laundering and Countering Terrorist Finance

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

G8 meeting of public and private sector experts across the G8 and Eastern & Southern Africa will be a unique opportunity to share expertise on preventing and tackling illicit financial flows

As part of the UK’s G8 Presidency, HM Treasury and the U.S. Department of the Treasury are launching the inaugural Sub-Saharan Africa Public-Private Sector Dialogue (PPSD) to help support the development and implementation of robust anti-money laundering and combating the financing of terrorism (AML/CFT) regimes in Eastern and Southern Africa.

Seven of the ten fastest growing economies in the world are in Africa, bringing unparalleled opportunities for businesses and people across the continent. However, as African economies grow, they will be increasingly exposed to the threat of illicit financial activity. Illicit flows out of Africa already exceed what the continent receives through aid, and serve to undermine the integrity, stability and growth prospects of African economies.

As such, at the G8 Summit this year, Leaders committed to launch the inaugural Dialogue in Sub-Saharan Africa to foster greater collaboration and engagement between public and private sectors to support the development of robust, effective and proportionate AML/CFT regimes as a foundation to sustainable investment and growth.

The Dialogue will help to raise the political importance of robust regimes, illuminate the real world challenges of implementing AML and CFT requirements in the region, facilitate exchange of technical knowledge and build new relationships amongst experts in the region and across the G8.

The Dialogue is launched today (6 September) in Swakopmund, Namibia and will be attended by Mark Simmonds - the UK Minister for Africa, the Namibian Finance Minister, and the President of the Financial Action Task Force (FATF). Finance Ministers from the Eastern and Southern African region will also be in attendance throughout the Dialogue