A regulatory misfit? A closer look at the counter-terrorist financing strategies in African states
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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 recommendations, assessed independently, terror levels remained unaffected. This is suggestive of misguided CFT recommendations 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.