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AFRITAC South Holds Seminar on Strengthening Supervisory Approaches to AML/CFT

By International Monetary Fund (IMF)
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During May 16-20, 2016, the International Monetary Fund's Regional Technical Assistance Center for Southern Africa (AFRITAC South) held a seminar at the premises of the IMF's Africa Training Institute in Mauritius on Risk-Based Approaches to Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) Supervision.

The event brought together senior bank supervisors and Financial Intelligence Unit (FIU) officials responsible for AML/CFT supervision from Angola, Lesotho, Madagascar, Mauritius, Namibia, Seychelles, South Africa, Swaziland, Zambia, and Zimbabwe. International experts on the topic shared with participants their knowledge and country experiences of implementing AML/CFT requirements.

Mr. Mardayah Kona, Head of the Legal Department of the Bank of Mauritius, in his opening remarks emphasized the need for enhancing the skills and competencies of supervisors towards mitigating the risks involved in Money Laundering/Financing Terrorism.

The EU Ambassador to Mauritius, Comoros, and Seychelles, Mrs. Marjaana Sall, addressed the participants in the closing session, stressing the need for greater vigilance, awareness, and coordination in the region in managing risks associated with Money Laundering/Financing Terrorism activities. She noted that the EU collaborates closely with the IMF at global level on a wide range of issues.More locally, there is an excellent working relationship with the IMF technical assistance centre for Southern Africa.The EU is also the lead donor to AFRITAC South, with almost €20 million in contributions.

Participants shared their own country experiences with compliance to AML/CFT regulations, National Risk Assessments, and mutual evaluation by the Financial Action Task Force (FATF). Through effective peer learning, the seminar promoted the importance of AML/CFT issues in the region and complemented ongoing regional integration initiatives.