The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard.For more information about the FATF, please visit the website:www.fatf-gafi.org

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There is a plethora of economic integration arrangements on the African continent and almost all African countries belong to more than one economic integration group. The African Union (AU), which was established in 2001, and which took over from the failed Organisation of African Unity, attempts to consolidate economic integration arrangements in Africa within one structure. Although this appears simple on paper, there are huge legal and institutional challenges and questions arise as to whether an Africanwide economic integration arrangement can be achieved within the time frame set for this in the African Economic Community (AEC) Treaty. This paper assesses the legal and institutional challenges facing the AU/AEC agenda.

Decentralized finance (DeFi) is an ecosystem of financial applications that are built on top of blockchain networks. DeFi aims to create an open-source, permissionless, and transparent financial system that operates without any central authority. Instead, a smart contract—which is a self-executing contract with the terms of the agreement between transacting parties written into lines of code—replaces financial institutions in the transaction. As a result, DeFi is available to everyone with reliable access to electricity and Internet connectivity. It also serves as a form of non-custodial finance since users maintain full control of their assets and transact through smart contract programs that facilitate peer-to-peer interactions. While DeFi presents huge opportunities, it also poses significant risks to traditional finance ecosystems, including the use of stablecoins and the absence of a know-your-customer framework. This essay argues that for DeFi to secure credibility, it needs to be adequately regulated in a way that aligns with how the technology works.

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