Regional workshop on money laundering and terrorist financing: GIABA

Cenfri recently participated in the Inter-Governmental Action against Money Laundering in West Africa (GIABA) regional workshop on money laundering (ML) and terrorist financing (TF) risk assessment for financial institutions and designated non-financial businesses and professionals (DNFBPs) in Senegal.

 

The workshop was targeted at senior officials responsible for anti-money laundering and combating the financing of terrorism (AML/CFT) compliance in financial institutions and DNFBPs of ECOWAS member states. 

Barry Cooper, Technical Director at Cenfri, presented in a panel discussion on how de-risking is driving up the risk of exclusion and how AML/CFT regulation is increasing this risk by pushing more people out of the formal financial system and turning them to increasingly sophisticated informal financial services, creating a reinforcing cycle of exclusion.

 

John Symington, an associate of Cenfri, delivered the keynote address on how new AML/CFT guidance introduced by the Financial Access Task Force (FATF) is leading to de-risking. De-risking refers to financial institutions discontinuing relationships with corresponding banks in areas perceived as high-risk for money laundering and terrorist financing, as well as closing accounts of existing clients perceived as high-risk. This phenomenon is having a disproportionate effect on low-income individuals who in the absence of identification documentation are considered high-risk. It is particularly affecting remittances, which are typically the most used formal channels among low-income individuals.

 

Please click here to download Barry Cooper's presentation on FI, Tech and AML/CFT (PDF, MB)

Please click here to download John Symington's presentation on Derisking (PDF, 2.04 MB)

 

If you would like to learn more about our work or to identify areas for collaboration, please email Barry Cooper at  This email address is being protected from spambots. You need JavaScript enabled to view it. .  In addition to being a technical director at Cenfri, Barry is the theme manager for the integrity work under the FSDA and Cenfri partnership.

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Regional workshop on money laundering and terrorist financing: GIABA

Cenfri recently participated in the Inter-Governmental Action against Money Laundering in West Africa (GIABA) regional workshop on money laundering (ML) and terrorist financing (TF) risk assessment for financial institutions and designated non-financial businesses and professionals (DNFBPs) in Senegal.

 

The workshop was targeted at senior officials responsible for anti-money laundering and combating the financing of terrorism (AML/CFT) compliance in financial institutions and DNFBPs of ECOWAS member states. 

Barry Cooper, Technical Director at Cenfri, presented in a panel discussion on how de-risking is driving up the risk of exclusion and how AML/CFT regulation is increasing this risk by pushing more people out of the formal financial system and turning them to increasingly sophisticated informal financial services, creating a reinforcing cycle of exclusion.

 

John Symington, an associate of Cenfri, delivered the keynote address on how new AML/CFT guidance introduced by the Financial Access Task Force (FATF) is leading to de-risking. De-risking refers to financial institutions discontinuing relationships with corresponding banks in areas perceived as high-risk for money laundering and terrorist financing, as well as closing accounts of existing clients perceived as high-risk. This phenomenon is having a disproportionate effect on low-income individuals who in the absence of identification documentation are considered high-risk. It is particularly affecting remittances, which are typically the most used formal channels among low-income individuals.

 

Please click here to download Barry Cooper's presentation on FI, Tech and AML/CFT (PDF, MB)

Please click here to download John Symington's presentation on Derisking (PDF, 2.04 MB)

 

If you would like to learn more about our work or to identify areas for collaboration, please email Barry Cooper at  This email address is being protected from spambots. You need JavaScript enabled to view it. .  In addition to being a technical director at Cenfri, Barry is the theme manager for the integrity work under the FSDA and Cenfri partnership.

Search news, publications and events