Anti-money laundering partnerships have amplified due to the increased number of cases of money laundering including the Malaysian 1MDB fund.

The government of Rwanda has ratified the country’s membership to the Eastern and Southern Africa Anti-Money Laundering Group, according to media reports.

AML activism has amplified over the last few years with the increased number of money laundering cases including the scandal-hit Malaysian fund 1Malaysia Development Berhad, or 1MDB.

Rwanda is seeking to stymie financial crime by joining the AML body that comprises 19 African countries and 19 international partners, including the UK, US, World Bank and International Monetary Fund.

The draft law was presented last week by Dr Uzziel Ndagijimana, the minister of state for economic planning.

Rwanda will share information and legal assistance with financial intelligence units to tackle money laundering.

“Our region is prone to money laundering. We need to be prepared, exchange information with other countries and support each other in updating regulations and laws on money laundering as it is a dynamic trend,” said Ndagijimana. “We share information and have similar instruments. In this region, we have some terrorist movements such as Al-Shaabab, which have made countries like Kenya vulnerable.”

Financial sector experts say the move is important, noting that money laundering is increasingly becoming prevalent in developing economies.