To fight criminal organizations, a strong and Effective Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime requires five key complementary elements. These includes:
1) A strong legislative framework for the criminalization of Money Laundering and Terrorism Financing;
2) An adequate supervision of banking and financial activities to prevent the use of financial system by money launders/criminals;
3) An efficient Financial Intelligence Unit (FIU) to detect illegal transactions and suspicious activities;
4) Competent and well equipped Law Enforcement Agencies (LEAs) to investigate financial crime and :
5) last but not least well trained experienced prosecutor to effectively prosecute money laundering and terrorism financing cases.
