Refinitiv, George Clooney Foundation partner to combat financial & war crimes in Africa

Data provider Refinitive has recently collaborated with the George Clooney Foundation to tackle the issue of illicit funds associated with human rights abuses in Africa. The initiative aims to prevent these funds from entering the international financial system and to promote transparency and accountability in the region. In a recent interview with CNBC Africa, Jay C. Dinos, the Head of Financial Crime Regulation at Refinitive, shed light on the magnitude of financial crimes in Sub-Saharan Africa. Dinos highlighted that the estimated $50 billion lost to fraud in the region annually is equivalent to 30% of South Africa's GDP or over 50% of Kenya's GDP, emphasizing the urgent need for action. He also emphasized the detrimental impact of financial crimes on governments' ability to raise taxes and invest in essential services like infrastructure and education. Dinos expressed excitement about partnering with the George Clooney Foundation on this critical issue. When asked about the political will to combat financial crimes in Africa, Dinos noted a positive shift at the highest political levels. He mentioned the involvement of organizations like the G7, G20, and industry working groups in supporting policy actions against corruption and money laundering. Dinos pointed out that the perception of criminal activity in a jurisdiction can deter foreign investment and hinder economic development, underscoring the importance of addressing financial crimes. In terms of technology's role in combating financial crimes, Dinos highlighted the increasing collaboration between the public and private sectors. He mentioned the rise of public-private partnerships, information-sharing initiatives, and advancements in technology enabling better detection of illicit activities. Dinos emphasized the importance of cross-border collaboration and public cooperation to enhance the capacity to combat financial crimes effectively. Overall, the partnership between Refinitive and the George Clooney Foundation signifies a crucial step towards promoting financial transparency and combating illicit funds associated with human rights abuses in Africa.