GIABA to Improve Compliance in the Financial Sector through Training of Chief Compliance Officers on Sector-Based AML/CFT Measures
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is organising a three-day Regional Workshop for Chief Compliance Officers of Financial Institutions/DNFBPs on Emerging ML/TF Issues in West Africa, from Monday, June 28 to Wednesday, June 30, 2021. The program would be hybrid, with participants attending both physically and virtually in compliance with the COVID 19 protocols. The Annual Meeting of the Compliance Officers Forum of GIABA member States will hold on the last day, Wednesday, June 30, 2021, in Somone, Senegal.
The meeting becomes essential in view of the outcome of GIABA’s first and second round of mutual evaluations, which reveals a generally low level of compliance by reporting entities due to several factors, including lack of in-depth understanding of money laundering and terrorist financing (ML/TF) risks and insufficient commitment on the part of the management of financial institutions in the implementation of anti-money laundering and countering the financing of terrorism (AML/CFT) standards. For low-capacity countries like those in GIABA member States, the outbreak of the COVID-19 pandemic and new developments in technology and other emerging issues such as virtual currencies, fintech, and regtech add to current challenges and have far-reaching implications for private sector operators (reporting entities), especially in relation to the implementation of AML/CFT.
Thus, the primary objective of the meeting is to provide a platform for participants to share experiences and foster cooperation and collaboration for the effective implementation of AML/CFT preventive measures in member States. Specifically, the meeting seeks to:
- Enhance the capacity of participants on current and emerging ML/TF issues.
- Raise awareness of participants on relevant recent changes to the FATF standards.
- Provide a platform for sharing experiences and good practices on AML/CFT issues.
- Promote cooperation, coordination, and engagement amongst and between private sector operators on how to effectively implement AML/CFT preventive measures.
Regional experts and relevant officials of the GIABA Secretariat will facilitate the workshop through presentations, workgroups, and experience sharing. A total of one hundred participants, comprising 50 in the virtual meeting another fifty participants on-site will be in attendance.
It is expected that the workshop, which would be attended by Chief Compliance Officers from financial institutions (banks, securities, and insurance operators) and DNFBPs, would have the following outcomes:
- Enhancement of cooperation and collaboration between private sector operators in the implementation of AML/CFT measures.
- It would result in better-coordinated responses to emerging ML/TF issues by reporting institutions.
- It is expected to strengthen coordination between the GIABA Secretariat, member States, and the private sector on AML/CFT issues through the regional platforms of the Compliance Officers Forum of GIABA Member States; and
- as well as improved performances of member States with relevant FATF Recommendations and Immediate Outcomes.
GIABA is committed to improving the compliance of all stakeholders with the AML/CFT measures and calls for continuous collaboration.