The Southern African Development Community (Sadc) has commenced the process to operationalise the committee on fighting money-laundering and combating the financing of terrorism as per the provision of Annex 12 of the Sadc Protocol on Finance and Investment.

The inaugural meeting of the committee is planned to take place next month.

In a statement, Sadc director of finance investment and customs Sadwick Mtonakutha said the secretariat pays special attention to the agenda of the fight against anti-money laundering and combating the financing of terrorism in the region.

He said: “Actions at this level will continue to be crucial due to the constant increase in money laundering crimes, exacerbated by the escalation of criminal networks in the region and beyond.

“The main objective of these efforts is to maintain the Sadc region as an investment destination with stable, efficient and integrated financial systems.”

The committee  will, among others, facilitate the convergence of policies, laws and regulatory practices of Sadc member States within the framework of the Financial Action Task Force Recommendations and support effective and proportional action against money laundering and the financing of terrorism in the region.

The operationalisation of the committee follows the decision made by the Ministers of Finance and Investment at their meeting held in the Democratic Republic of Congo in July 2023.

With the operationalisation of this committee, Sadc will be able to address anti-money laundering and combating the financing of terrorism issues for the banking and non-banking sectors.

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