How Africa can tackle terrorist financing network

A recent report by the Intergovernmental Action Group on Money Laundering in West Africa has shed light on the financial operations of the terror group, Islamic State's West Africa Province. According to the report, the group has an estimated annual revenue of $36 million sourced from trading activities and taxation in the Lake Chad region. The revelation has brought to the forefront the pressing issue of how governments in West Africa can track and halt the movement of funds by terrorist organizations. Dennis Amachree, the CEO of Zoomlens Security Solutions, in a recent interview with CNBC Africa, shared insights on the implications of the report and the challenges faced by authorities in combating the financial infrastructure of these terrorist groups. Amachree highlighted the evolution of Boko Haram, initially known as a ragtag group with minimal resources, into a well-funded organization. He pointed out the critical juncture in 2006 when the Nigerian government missed the opportunity to curb the group's financial growth. The expansion of Boko Haram into diverse revenue streams, including taxation and trading, has enabled them to amass significant wealth and operate beyond the formal financial sector. The difficulty in disrupting the financial operations of terrorist groups lies in their reliance on cash transactions outside traditional banking channels. Amachree emphasized the necessity of international cooperation to effectively combat these illicit financial flows. By leveraging collaborations with other countries, authorities can disrupt the funding sources and supply chains of terrorist organizations. To effectively tackle the financial network of terrorist groups, authorities need to focus on tracking the flow of funds in the shadow economy. The clandestine nature of transactions involving the purchase of arms and illicit goods underscores the importance of robust intelligence and surveillance measures. By enhancing diplomatic ties and cooperation with countries involved in the arms trade, governments can prevent the sale of weapons to terrorist groups. Amachree also raised concerns about corruption within the military and the inadequate enforcement of anti-money laundering laws in Nigeria. He emphasized the need for a more stringent criminal justice system to prosecute individuals involved in financing terrorism and deter others from engaging in similar activities. In conclusion, the fight against terrorist financing in West Africa requires a multi-faceted approach that combines intelligence gathering, international cooperation, and anti-corruption efforts. By following the money trail and disrupting the illicit financial flows, authorities can deal a decisive blow to the financial infrastructure of terrorist groups operating in the region.