JOINT GIABA/GABAC REGIONAL TRAINING WORKSHOP ON THE REVISED FATF METHODOLOGY FOR MUTUAL EVALUATION ASSESSORS
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), in collaboration with the Central Africa Anti-Money Laundering Group (GABAC), will organise a Regional Training Workshop on the Revised FATF Methodology for Mutual Evaluation Assessors. The Workshop will be held in Saly, Senegal, from 19 to 23 March, 2018.
The training is targeted at AML/CFT stakeholders drawn from relevant competent authorities: financial intelligence units, regulatory agencies, central banks and law enforcement agencies; in line with the FATF recommended composition of an Assessment Team, comprising the Financial, Legal and Law Enforcement/Operational sectors from the sixteen (16) GIABA member States. Officials from FATF and GABAC member States will also participate in the Workshop. The training will be delivered by a team of experts and practitioners from the FATF, World Bank, IMF, GIABA Secretariats and the West African region experts through presentations, experience sharing and a mock mutual evaluation exercise.
It would be recalled that in February 2012, the FATF revised the standards to address new and emerging threats, clarify and strengthen many of the existing obligations, while maintaining stability and rigor in the Recommendations. One of the key focus areas in the revised recommendations relates to strengthening of the requirement to allow countries to take a more focused approach on high risks areas so that resources could be focused in such situations. Basically, countries are to apply a risk based approach in dealing with money laundering and terrorist financing, and adopt appropriate measures to mitigate identified risks. Another important aspect of the revised recommendations relates to the emphasis on effectiveness.
A key aspect of GIABA’s mandate is to conduct Mutual Evaluation exercises in GIABA member States to determine the technical compliance with acceptable international standards against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. GIABA completed its first round of mutual evaluation in December 2012. Therefore, in preparation for the second round, there is a need for the Secretariat to train officials who did not participate in the mutual evaluation assessors training workshop organized by GIABA from 18 to 22 May, 2015 in Yamoussoukro, Cote d’Ivoire and that of March 20 to 24 2017 held in Accra, Ghana with a view to equip a crop of assessors who will be better prepared for the second round of mutual evaluation based on the revised FATF standards and methodology.
The mutual evaluation process enables GIABA and its development partners to determine the type of technical assistance required by member States for improving measures against money laundering and terrorist financing. It is of immense benefit to the assessed country as it provides information to the international community about the integrity and soundness of the country’s financial, governance and legal frameworks, and therefore creates a platform for the inflow of foreign direct investment as well as provides the basis for an integrated analysis of the extent to which a country is compliant with the FATF Standards and the level of effectiveness of its AML/CFT system, as well as the GIABA Mutual Evaluation Process and Procedures.