Cenfri will be at the GIABA joint regional public-private sector meeting on emerging money laundering and terrorist financing issues this week 10-12 June 2019 in Dakar, Senegal. GIABA is the West Africa anti-money laundering group and a Financial Action Task Force (FATF) style body. The conference will be attended by over 200 financial service providers and regulators from GIABA’s 17 West Africa member countries. The objective of the conference is to strengthen capacity of regulators and financial service providers to address money laundering (ML) and terrorism financing (TF) risks that impact the integrity of financial system. Addressing and reducing ML and TF risks is mandated under the FATF recommendations. However, the current FATF ratings indicate that several countries (in Africa and across the globe) are struggling to effectively reduce ML and TF risks. Failure to address these risks often results in the financial sector of a country being cut off from the global financial system (de-risking). This negatively impact investment flows, economic development and poverty reduction.
Based on deep country level and regional work Cenfri has undertaken in sub-Saharan and Asian countries in the last 3 years; Barry Cooper and John Symington will share perspectives on emerging identity practices to address customer due diligence and address financial exclusion. They will also share perspectives on opportunities for eliminating proof of address, especially for low income customers, to promote financial inclusion and integrity. In addition, Cenfri will share perspectives on inclusive compliance models work being undertaken in West Africa (that is compliance costs and risks faced by regulators and financial institutions) and how understanding these will improve compliance practices, better regulation and promote financial inclusion. These interventions and the subsequent follow ups thereof are expected to strengthen GIABA members capacities and lead to development of community of practice to deepen engagement.