THE ROLE OF FINANCIAL INTELLIGENCE UNITS IN COMBATING MONEY LAUNDERING: AN AFRICAN PERSPECTIVE

African countries have long been the victims of the laundering of the proceeds of corruption by politically exposed persons. The effective use of financial intelligence is a critical factor in identifying and tracking these proceeds. In addition, the global nature of money laundering requires the exchange of such intelligence at both the domestic and the international levels. This is the role of financial intelligence units (FIUs). This article critically reviews the operation of FIUs with reference to African countries and argues that, while they make an important contribution to addressing financial crime, further work is required in order to enhance their effectiveness.