A regulatory misfit? A closer look at the counter-terrorist financing strategies in African states

Azinge-Egbiri, Nkechi Valerie (2018) A regulatory misfit? A closer look at the counter-terrorist financing strategies in African states. Journal of Banking Regulation, 20: 20. p. 245. ISSN 1750-2071

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Abstract

This article undertakes a multivariate empirical study in examining the correlation between compliance levels with the Financial Action Task Force standards on counter-terrorist financing (CFT) and the frequency of terror activities in African states. Results indicated that irrespective of compliance levels to specific CFT recom- mendations, assessed independently, terror levels remained unaffected. This is suggestive of misguided CFT recom- mendations which are mainly focused on the banking sector and blindsided to the position in African states where alternative means of conduits prevail. Consequently, the viability of home-grown, targeted solutions to CFT, is explored as crucial for reduced terror activities in the continent.