The impact of trade-based money laundering on economic growth & development
Posted: 10 July, 2024 Filed under: Nasubila Ng’ambi, Yeabsira Teferi | Tags: AfCFTA, Africa, African Continental Free Trade Area, cultural development, economic development, Global Financial Integrity, illicit financial flows, right to economic development, Sustainable Development Goals, TBML, trade based money laundering Leave a comment
Author: Nasubila Ng’ambi
LLB (cum laude) Nelson Mandela University
Introduction
The African Continental Free Trade Area (AfCFTA) is the African Union’s flagship regional economic integration project.[1] The AfCFTA aspires to lift 30 million people out of extreme poverty and to increase Africa’s income by $450 billion by 2035.[2] These goals are set to give effect to both Agenda 2063 and the UN’s sustainable development goals (SDGS).[3] However, these audacious goals are not without challenge as there are numerous risks associated with free trade areas (FTA) such as trade based money laundering (TBML). This article seeks to explore the implications of TBML on economic growth and development. Further, the article will highlight the need for an effective framework to ensure that TBML is mitigated.
AfricLaw 