Typologies
MONEY LAUNDERING AND TERRORIST FINANCING LINKED TO THE EXTRACTIVE INDUSTRY/MINING SECTOR IN WEST AFRICA
Tweet
The extractive industry of Africa is one of the largest in the world. For many African countries, the extraction and production of minerals constitutes significant parts of their economies, accounting for a high share of gross domestic product (GDP) or total exports. The sector remains the key to future economic growth in the region despite all challenges. It is a fact that the sector is marred with irregularities such as illicit artisanal mining, tax evasion, fraudulent contracts, high-level corruption and organised crime - all of these contributing to a considerable amount of proceeds being laundered or siphoned each year. Enforcement
agencies are not well equipped to deal with the very high degree of sophistication of the criminal elements operating in the extractive industry.
October 2019