EU launches €46 million initiative to combat terror financing in Africa

In a bid to stem the rising threat of terror financing in Africa, the European Union (EU) has unveiled a comprehensive €46 million program aimed at curbing illicit financial flows on the continent. The initiative, spearheaded by five European agencies, is designed to fortify existing systems and enhance the capacity to intercept suspicious transactions.

The EU’s initiative comes at a critical juncture when terrorist activities in Africa have been fuelled by the infusion of funds from illicit financial channels.

The €46 million project is set to be executed by five European agencies, each tasked with specific responsibilities across four distinct geographical areas.

As reported by the Africa Intelligence website, the primary objective of this initiative is to strengthen the capabilities of African nations in identifying and preventing the flow of funds that contribute to terrorist activities.

By collaborating with local authorities and financial institutions, the EU aims to establish robust mechanisms for detecting and thwarting suspicious transactions.

The project’s geographical allocation reflects a strategic approach to address the unique challenges faced by different regions within Africa.

European agencies involved in the initiative will work closely with their African counterparts to implement tailored solutions, ensuring a nuanced response to the diverse nature of terror financing across the continent.

Key components of the initiative include the provision of advanced training to financial intelligence units, the enhancement of cross-border cooperation, and the implementation of cutting-edge technologies to track and trace illicit financial flows.

Also, the project will promote information sharing and collaboration between European and African agencies, fostering a united front against the menace of terror financing.

According to Statista, Burkina Faso is one of the countries with the highest terrorism threat levels in the world. In 2022, the terrorism index in this West-African country stood at 8.6, the highest in Africa.

Furthermore, it recorded the largest number of deaths related to terrorism worldwide, followed by Mali, Somalia, and Pakistan, with some of the highest terrorism threat indexes in the world.