ADVERTISEMENT

10 African countries with the highest money laundering risk

Money laundering is a global issue that transcends borders, with numerous countries serving as hotspots for these illicit financial activities.

money laundering
  • Business Insider Africa presents 10 African countries with the highest money laundering risk.
  • Almost two-thirds of African countries fall into the high-risk category, with an overall risk score of 6.54.
  • The list is courtesy of Afrobarometer.

Defined as the process of concealing the origins of illegally obtained money, typically through transfers involving foreign banks or legitimate businesses, money laundering poses a grave threat to the socioeconomic fabric of countries, including those in Africa.

Africa's economic landscape, characterised by a spectrum ranging from thriving economies to those grappling with poverty, provides fertile ground for money launderers.

Disparities in wealth and development, coupled with the absence of robust enforcement mechanisms create an environment where financial crimes can flourish.

ADVERTISEMENT

Globalisation, and rapid technological advances, have also ushered in new dimensions to money laundering on the continent. Cybercrime, digital currencies, and online platforms provide sophisticated channels for criminals to exploit the financial systems of African nations.

A recent report by the International Centre for Asset Recovery (ICAR) at the Basel Institute of Governance assessed the world's risk of money laundering. Basel AML Index gives risk scores based on data from 15 publicly available sources, such as the Financial Action Task Force (FATF), the World Bank, and the World Economic Forum.

Per the report, almost two-thirds of African countries fall into the high-risk category, with an overall risk score of 6.54.

Rank Country Overall score Global rank
1 Chad 8.14 2
2 Democratic Republic of the Congo 8.10 4
3 Republic of the Congo 7.91 5
4 Mozambique 7.88 6
5 Gabon 7.73 7
6 Guinea-Bissau 7.69 8
7 Madagascar 7.43 11
8 Algeria 7.22 12
9 Liberia 7.17 13
10 Sierra Leone 7.09 14

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

CBN sells $122.671m to 46 authorised dealers to promote FX stability

CBN sells $122.671m to 46 authorised dealers to promote FX stability

10 African countries with the highest cost of living in 2024

10 African countries with the highest cost of living in 2024

How can immediate fortune secure a startup’s finances?

How can immediate fortune secure a startup’s finances?

Taxpayers increased by 170,000, tax compliance improved by 20% in 1 year - FIRS

Taxpayers increased by 170,000, tax compliance improved by 20% in 1 year - FIRS

Nigeria's oil production shows signs of recovery

Nigeria's oil production shows signs of recovery

10 countries with the highest purchasing power parity

10 countries with the highest purchasing power parity

10 highest paid MDs/CEOs in Nigeria

10 highest paid MDs/CEOs in Nigeria

How does Immediate Edge facilitate successful international trade?

How does Immediate Edge facilitate successful international trade?

Why are tech startups leaning towards Immediate Core? Here's why

Why are tech startups leaning towards Immediate Core? Here's why

ADVERTISEMENT
ADVERTISEMENT