On the other hand, the USA and, to some extent, the UK are seeing robust growth in economic activity. Euro area consumer prices are being curbed by falling energy prices. At a more fundamental level, wage growth is low. Inflation is currently well below the European Central Bank’s target of just under 2 per cent.
4 The implementation of the customer due diligence, in particular the identification and verification of beneficial owners of corporate entities remains a significant challenge. Closer international cooperation is also needed. The lack of institutional, technical and human capacity also hampers financial sector regulators’ ability to curtail the movement of illicit financial outflows from financial institutions in Africa.