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Regional Anti-Money Laundering Workshop Opens in Gambia
Wednesday, 05 October 2011 01:16
(JollofNews) – Non-bank regulators and supervisors across the West African region have converged in The Gambia
for a three-day seminar on money laundering and terrorism financing within ECOWAS member States. Organized by the Inter-Governmental Action Group Against Money-Laundering in West Africa (GIABA), the workshop, which runs from October 4th to 6th 2011, aims to - among others - strengthen the overall anti-fraud controls and promote financial inclusion by integrating the informal system into the formal financial system.
More than 50 participants from across the region are taking part in the two-day gathering, which opened on October 4 at the Ocean Beach Resort & Spa in Bijilo.
During the gathering, the participants will discuss various topics, including Conducting AML/CFT Supervision of Non-Bank Financial institutions: process and procedures; Enhancing the relationship between Financial Intelligence Unit (FIU) and Law Enforcement for Effective AML/CFT Regime... They will also work on collaborative efforts to address the growing menace of AML/CF
“Our outreach has gone beyond the traditional beneficiary institutions or agencies to include relevant public and private sector institutions, such as the financial institutions, designated non-financial businesses and professions, legislatures and the mass media,” recalled GIABA Director General Dr. Abdulahi Shehu.
“The last five years have witnessed significant increase in the number of beneficiaries of our technical assistance, including capacity building programmes.”
Dr. Abdulahi further pointed out that the deployment of AML/CFT compliance system by financial institutions, supported by their executive managements, promote public confidence in financial institutions, and hence their stability. However, he reminded the government of The Gambia that “while some progress has been made in some areas, a lot more still needs to be done, especially with regards to the presentation of the draft Bill to the Parliament and full establishment and equipment of the FIU with better office complex and skilled staff.”
“Let me repeat, the authorities are reminded of their commitment and the need to address the identified deficiencies in Gambian AML/CFT regime without further delay,” he reiterated.
For the First Deputy Governor of the Central Bank of The Gambia, Mr. Bassiru Njie, financial institutions are at the forefront of preventing and detecting transactions involving dirty money as in line with the requirements set by the government.
This control mechanism by the financial institutions, Deputy Governor Njie added, has seen criminals diverting their attentions to non-financial businesses and professions for money laundering.
Keynoting the event, the Permanent Secretary at the Ministry of Finance and Economic Affairs, Mr Momodou Secka, said the move to convene workshop on AML/CFT for Non-Bank Regulators and Supervisors is indeed a noble gesture as the private and informal sector play a significant role in the country's socio-economic development. “The informal sector especially cannot be ignored and including them in the fight against money laundering cannot be overlooked,” he said.
At the end of the workshop, participants are expected to have a better knowledge of the issues pertaining to AML/CFT with a view of strengthening the supervisory regime and promoting financial sector stability.
As Dr Abdulahi Shebu puts it; “with good supervisory framework, we expect a reduction in the vulnerability of the informal and designated non-financial businesses and professions to money laundering and terrorist financing activities.”
Written by Abdoulie John
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