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Kampala - Denmark announces unique new data on Counterterrorism Financing in the Horn of Africa.

23.03.2015  05:52

Money laundering and terrorist financing pose significant threats to security and development efforts worldwide. East Africa and the Great Horn are particularly vulnerable in this regard due to the predominance of informal and cash-based economies, the region’s rapid economic growth and the proximity to active terrorist threats.

By launching the report, Ambassador Frederiksen set the stage for discussion on the challenges and opportunities for enhanced cooperation on Anti-Money Laundering and Countering the Financing of Terrorism in the IGAD region. The Ambassador concluded by reiterating Denmark’s strong support for the Global Counter-Terrorism Forum in combatting terrorism, violent extremism and radicalisation in the region.

Denmark has provided funding for a groundbreaking research report on regional AML/CFT developments in East Africa and the Greater Horn produced by the Global Center on Cooperative Security. The report is part of the Global Counterterrorism Forum (GCTF) Horn of Africa and Yemen regional focus on AML/CFT, a key capacity gap identified by states in the region. Denmark presented the report and its main recommendations in the yearly plenary meeting of the GCTF’s Horn of Africa and Yemen working group co-chaired by the European Union and Turkey. The meeting was held in Kampala, Uganda.

The report, “Tracking Progress: Anti-Money Laundering and Countering the Financing of Terrorism Developments in East Africa and the Greater Horn of Africa,” focuses on ten countries: Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan, Tanzania, Uganda, and Yemen. It provides a snapshot of the economic and socio-political climate in each country, followed by an in-depth analysis of AML/CFT developments as well as a discussion of regulatory challenges and opportunities. It provides concrete recommendations for supporting countries in the region as they work to build more robust AML/CFT regimes.

Tracking Progress builds upon a 2012 baseline report, also supported by the Government of Denmark, titled “ISSP-CGCC Joint Baseline Study on Anti-Money Laundering and Countering the Financing of Terrorism in the IGAD Subregion.” The 2015 study was expanded to include Tanzania and Yemen, due to the geographical and strategic importance of these two countries to the cross-border risks shared among countries in East Africa and the Great Horn.

Denmark is among the 30 founding members of the Global Counterterrorism Forum, an informal, multilateral counterterrorism platform that focuses on identifying critical civilian counterterrorism needs, mobilising the necessary expertise and resources to develop practical solutions to address such needs, and enhancing global counterterrorism cooperation. For more information on the GCTF and its regional working group please visit www.thegctf.org.

Denmark anticipates the report and its findings and recommendations will help to further strengthen bilateral and regional collaboration on AML/CFT. The report will provide guidance to future work of the Global Counterterrorism Forum in the region as well as other broader initiatives designed to support peace and stability in East Africa and the Greater Horn.

Original story:
http://um.dk/en/news/newsdisplaypage.aspx?newsID=56CCC198-92A3-48A5-B373-05235C925EA7
Further information:

Please contact Rie Sjørslev Hansen, Embassy of Denmark, Ethiopia, via e-mail riehan@um.dk.