Eswatini has become one of the first Southern African Development Community (SADC) members to sign the newly approved amendments to the SADC Protocol on Finance and Investment, marking a significant milestone in the region’s efforts to combat money laundering, terrorist financing, and illicit financial flows.
Speaking at the 4th meeting of the SADC AML-CFT Committee, Chairperson Clement Kapalu of the committee praised Angola, Eswatini, and Zimbabwe for acting quickly to sign the agreement amending Annex 12 of the Protocol. These changes were officially approved during the SADC Summit of Heads of State and Government in Madagascar in August 2025.
“This achievement reflects our collective commitment to strengthening regional financial integrity and harmonizing our legal frameworks,” Kapalu said. He urged the remaining member states to speed up their signatures so the region can better coordinate in fighting financial crime.
Kapalu urged the remaining Member States to expedite their signing of this instrument to advance in unity and purpose.
He emphasized that improved cooperation and preparation will be essential for strengthening SADC’s resilience against rapidly changing global financial threats.
“It will be especially useful as Member States prepare for the ongoing 3rd Round of Mutual Evaluations, making sure we meet international standards with confidence and skill,” he said.
Delivering the opening remarks, Minister of Finance Neal Rijkenberg stated that Eswatini is fully aligned with regional and international priorities to develop transparent, resilient, and accountable financial systems.
The Minister stressed the importance of regional cooperation as financial crimes become more complex and cross-border.
“Illicit financial flows undermine economic growth, weaken good governance, and threaten the stability of our financial systems,” he said. He emphasized the misuse of digital payment systems, the concealment of beneficial ownership structures, and technologically advanced laundering networks as some of the region’s most urgent vulnerabilities.
The Minister explained the actions Eswatini has taken in recent years to close compliance gaps and enhance its AML/CFT framework. These include:
• Amending the Money Laundering and Financing of Terrorism (Prevention) Act to address deficiencies identified in the country’s mutual evaluation.
• Strengthening the Financial Intelligence Centre, improving data analysis, reporting mechanisms, and inter-agency cooperation.
• Enhancing coordination among key supervisory bodies, including the Central Bank of Eswatini, law enforcement agencies, and the Ministry of Finance.
• Intensifying private sector engagement through awareness and training programmes to deepen compliance culture.
The progress the country has achieved would not have been possible without the collaboration and coordinated efforts demonstrated by the financial sector, especially through the AML/CFT National Task Force,” he added.
Rijkenberg highlighted regional risk areas such as the misuse of digital payment platforms, concealment of beneficial ownership through complex corporate structures, and the increasing sophistication of cross-border money laundering networks.