Africa has been urged to strengthen its financial intelligence systems, improve cross-border cooperation and invest in modern technology to combat illicit financial flows and financial crimes that continue to undermine the continent's economic development.

The call was made during the second Africa Financial Intelligence Summit (AFIS 2026), which opened at Speke Resort Munyonyo Convention Centre in Kampala, bringing together delegates from 36 countries, including financial intelligence authorities, law enforcement agencies, regulators, forensic investigators and international partners.

The summit, running from November 9 to 13, 2026, is hosted by Uganda's Financial Intelligence Authority (FIA) under the theme, “Securing Africa’s Financial Future: Intelligence, Innovation and Integrated Enforcement in an Era of Borderless Financial Crime.”

Officially opening the summit, the Minister of State for Finance, Planning and Economic Development, Hon. Henry Musasizi, said Africa was at a defining moment as financial crime continued to evolve in scale, speed and sophistication alongside the rapid growth of digital finance, financial technology, virtual assets and cross-border transactions.

Musasizi highlighted Uganda's progress in strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, which contributed to the country's removal from the Financial Action Task Force (FATF) grey list.

He also commended the Financial Intelligence Authority for becoming the first Financial Intelligence Unit in Africa to attain the ISO/IEC 27001:2022 certification, demonstrating the country's commitment to internationally recognised standards for information security and the protection of sensitive financial intelligence.

Looking ahead to Uganda's 2028 Mutual Evaluation, Musasizi called for continued vigilance against emerging risks, particularly virtual assets, beneficial ownership vulnerabilities, digital financial crime and weaknesses in asset recovery.

He identified three priorities for African countries: stronger and real-time cooperation among Financial Intelligence Units, investment in technology and cyber resilience, and effective recovery of proceeds of crime.

The Minister stressed that illicit proceeds must be traced, frozen, seized and recovered to ensure that resources lost through financial crime can benefit economies and citizens.

He urged African countries to move beyond technical compliance towards building effective, secure and trusted financial systems that protect national resources, strengthen investor confidence and support sustainable economic transformation.

The need for stronger cooperation was also emphasised by the Executive Director of the Financial Intelligence Authority, Were Wandera, who called for collective action against increasingly sophisticated financial crime networks.

“In an era where criminal networks are borderless, our cooperation must be equally borderless,” Wandera said while delivering his opening remarks.

Representing the Permanent Secretary/Secretary to the Treasury, Dr Ramathan Ggoobi, the Ministry of Finance's Acting Director of Economic Affairs, Moses Kaggwa, warned that illicit financial flows were undermining Africa's development by diverting resources away from critical national priorities.

Kaggwa called for stronger coordination among government institutions, financial sector players and other stakeholders, supported by effective public-private partnerships, intelligence sharing and collective action.

He emphasised the need to protect resources that would otherwise support infrastructure development, healthcare, education and job creation across the continent.

Dr Linus Enobi Akepe, a senior financial crime and governance adviser from Cameroon, stressed that protecting Africa's wealth requires accountability, professionalism and strong financial institutions.

He called for greater investment in professional skills, forensic investigation capabilities and modern tools to enable institutions to detect, investigate and prevent financial crimes effectively.

The discussions highlighted the importance of moving beyond isolated national efforts towards coordinated continental action capable of protecting public resources and ensuring that Africa's wealth contributes to the development of its people.

Meanwhile, the Inspectorate of Government is participating in the summit, reaffirming its commitment to fighting corruption and financial crimes through institutional collaboration and sustained cooperation.

The Inspectorate is represented by Dr. Ernest Katwesigye, Assistant Director of Asset Recovery; Ms. Gloria Abalo, Principal Inspectorate Officer from the Directorate of Legal Affairs; and Mr. Muhammad Mwasa, Executive Assistant to the Inspector General of Government.

Its participation underscores the importance of collaboration among institutions involved in investigating corruption, tracing illicit financial flows and recovering assets obtained through criminal activities.

The summit is also exploring emerging technologies, including artificial intelligence, digital identity, blockchain intelligence and advanced analytics, as tools for strengthening financial investigations and enforcement.

Participants are discussing practical approaches to improving intelligence sharing, enhancing investigations and developing coordinated responses to financial crimes that increasingly operate across national borders.

The gathering further seeks to strengthen Africa's capacity to prevent and investigate money laundering, terrorism financing, corruption and illicit financial flows while building institutional resilience against emerging financial threats.

As Uganda prepares for its 2028 mutual evaluation, the summit provides an opportunity for African institutions to share expertise, strengthen partnerships and develop practical solutions to financial crime.

The central message emerging from the discussions is that protecting Africa's financial integrity requires more than national-level enforcement. It demands stronger institutions, technological innovation, professional capacity and timely cooperation across borders to ensure that resources lost through financial crime are recovered and redirected towards the continent's development.