Money laundering: GIABA educates non-bank regulators, superviors

With a view toreducing the vulnerability of the informal and designated non-financial businesses and professions to money laundering and terrorist financing activities, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is organising a 3-day regional training workshop on Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) requirements for non-bank regulators and supervisors from 4-6 October, 2011 at Cocoa Beach Resort and Spa in Banjul, The Gambia.A statement from GIABA indicated that the objectives of the workshop is to improve participants understanding of their roles as enunciated by Financial Action Task Force (FATF) 40 + 9 Recommendations, in particu; lar, Recommendations 24, adding that it was also to enhance their supervisory role of promoting financial inclusion of the informal sector that will lead to a stable financial sector.The 3-day event is targeted at senior officials of competent authorities or institutions responsible for supervising and regulation of Designated Non-Financial Businesses and Professions (DNFBPs) towards ensuring their compliance with requirements to combat money laundering and terrorist financing in the region.The workshop will be delivered by a team of experienced experts and practitioners from the West Africa region and Development Partners, including GIABA faculty through plenary presentations, case studies, experience sharing and syndicate group exercise.The workshop will cover presentations on risk based approach to AML/CFT compliance supervision, role and responsibilities of the Financial Intelligent Unit, Overview of FATF 40 + 9 Recommendations, requirements and responsibilities of reporting entities; Compliance officers within DNFBPs; Inter-agency cooperation between the regulators and DNFBPs and utilization outcomes of GIABA Money Laundering and Terrorism Financing Typo-logies.At the end of the workshop, it is expected that there would be an improvement in the implementation of effective AML/CFT measures in member States and better supervisory and regulatory roles of Designated Non-Financial Businesses and Professions (DNFBPs) on money laundering and terrorist financing.
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