
Japhet Gana, a financial crime expert, has called for a collaborative approach between regulators and virtual asset service providers (VASPs) to strengthen Africa's response to financial crime. Speaking at a five-day regional training program in Nairobi, Kenya, Gana emphasized that joint training is essential for bridging the communication gap between the public and private sectors. This initiative aims to enhance the effectiveness of investigations involving digital assets and prevent costly delays in urgent cases.
The call for cooperation comes as global regulatory bodies struggle to close loopholes in the digital finance space. A recent Financial Action Task Force (FATF) review revealed that while 83% of jurisdictions have enacted Travel Rule legislation, organized crime continues to exploit gaps in compliance and investigative abilities. Gana argued that the key to effective investigations lies in fostering a deeper understanding between providers and investigators. By defining specific requests for information and streamlining communication channels, the efficacy of financial crime investigations can improve significantly.
Gana highlighted that Africa has a unique opportunity to develop a robust regulatory framework that avoids the adversarial dynamics often seen in other global regions. He noted that through proactive capacity-building, African jurisdictions can create sustainable systems that effectively monitor virtual assets while supporting innovation. He concluded that Africa is no longer merely a recipient of international expertise but is actively creating valuable cooperation models that can serve as a blueprint for the global community in the fight against digital financial crime.