Financial crime on the continent isn't just growing -- it is mutating. With billions of rands lost annually and corrupt structures entrenched, it's clear that breaking down silos and boosting private-public information sharing is no longer optional; it's now essential.

Financial crime on the continent isn't just growing -- it is mutating. With billions of rands lost annually and corrupt structures entrenched, it's clear that breaking down silos and boosting private-public information sharing is no longer optional; it's now essential.

This was the scary picture that emerged at a recent Institute of Commercial Forensic Practitioners conference.

Experts from both the private and public sectors hammered home the message that the future of economic crime prevention in Africa hinges on smashing information silos and building airtight data-sharing frameworks.

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"Economic crime remains a significant issue in South Africa, with South Africans losing millions due to economic crime," said Elzé Matthee, researcher and academic trainee at North-West University.

According to the SA Banking Risk Information Centre's 2023 annual crime statistics, an actual loss of R3.35-billion was recorded due to economic crime -- on the back of 1.5-million separate criminal incidents.

Meanwhile, the 2024 Transparency International Corruption Perceptions Index indicates that South Africa's score has further dropped by three points since 2019 to a score of 41 out of 100.

South Africa shares the same ranking as Burkina Faso, Kosovo and Vietnam, followed by Colombia at 87th.

The problem is complex, expensive to investigate,...