#QuickBiteCompliance Day 90
Protecting Africa from Financial Crimes: What is ESAAMLG?
Imagine you have a piggy bank where you save your allowance. Now, imagine a bad guy trying to hide stolen money in someone else’s piggy bank so no one catches them. Scary, right? That’s kind of what happens with money laundering, and it’s a big problem around the world.
To stop this, countries in Eastern and Southern Africa came together in 1999 to create something called ESAAMLG (Eastern and Southern African Anti-Money Laundering Group). It’s like a superhero team that fights money laundering and keeps money safe for honest people.
How do bad guys try to cheat the system?
Here are a few sneaky ways criminals hide their stolen money:
1. Fake Companies: They create fake businesses to move dirty money around and make it look clean.
2. Buying Fancy Stuff: They buy expensive houses, cars, or even art to hide their stolen money.
3. Cross-Border Trickery: They send money across different countries to make it harder to track.
How does ESAAMLG help?
ESAAMLG helps countries work together to catch these bad guys by:
Making rules that banks and businesses must follow to stop money laundering.
Training people to spot suspicious activity.
Sharing information across borders to track down criminals.
By standing together, countries in Africa are stronger at protecting money for families, businesses, and communities.
🌍 Let’s support this mission to keep our financial systems safe!
#AML #FinancialCrime #ESAAMLG #AntiMoneyLaundering #AfricaFightsBack #FraudPrevention #StrongerTogether #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
