00:07Financial experts meeting in Kampala say there is a need to catch up with the fast-growing
00:13sophistication in digital crimes.
00:16Fraudsters are increasingly becoming smarter at concealing and manipulating illicit financial
00:22transactions across borders.
00:25Forensic investigators say they must focus on any leakages that point to timely evidence.
00:32One of the other mistakes is that we leave it too late to engage the different experts.
00:36You call in the forensic accountant late, you call in the digital forensic expert late,
00:40you call in the prosecutor much, much later, especially for our DPP and our prosecutors.
00:48I see their frustration.
00:50The meeting pointed out how delicate it is to effectively deal with suspicious transactions
00:56like tax inversions and concealment of revenues.
01:01Countries are increasingly transforming informal businesses into digital payment platforms,
01:06which increases the risk of fictitious transactions.
01:10Some of the ways to do this when involving complex transactions is follow the money.
01:19As you trace the transaction from its origin to the beneficiary.
01:26The second thing you do is you reconstruct the transaction.
01:30And when we talk about reconstructing the transaction, we are talking about reconnecting from the accounting records,
01:40the invoices, the bank records, and every supporting justification that relates to that operation.
01:47The meeting is also discussing how to work together to strengthen the continent's capacity
01:53to prevent, detect, and combat financial crimes.
01:57We equally need to have very robust ways of sharing information so that we are able to combat.
02:07I think what I had previously said about the African working group on cryptocurrency and virtual asset fraud equally can
02:16come into play.
02:17Africa loses more than $50 billion annually in illicit financial flows due to a lack of accountability and transparency within
02:27financial systems.
02:29Experts agree these losses could have financed development projects.
02:34So, after that, I won't be compared to the first.
02:34I'm working with an样 of recovery changes called Views.
02:34And so, I can see thetekuan News events.
02:34I saw a actor in the cabin, as he was looking into an applause.
02:34Let me hug these mountains and authors first.
