NEWS: Leaders meet for 25th anniversary of Eastern, Southern Africa AML Group; de Anda emphasises need for stronger global alliances

By AML Intelligence Reporters

FATF President Elisa de Anda Madrazo highlighted on Friday the need for greater international co-operation to combat financial crime.

Ms de Anda was speaking in Kenya to mark the 25th Anniversary of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) which represents 21 countries.

The Financial Action Task Force (FATF) President emphasised: “I cannot stress enough the need for global co-operation and inputs from the entire ‘Global Network’. ESAAMLG’s strong expertise and understanding of terrorist financing risks is already and will continue to be critical to our work.”

Ms de Anda Madrazo addressed the regional Council of Ministers to acknowledge the important work of ESAAMLG in the region and the Paris-based agency’s so-called “Global Network”.

She took the opportunity to highlight the key priorities that will guide her FATF Presidency:

Enhance transparency and inclusiveness of the Global Network, including by increasing the voice of the Global Network in the work of the FATF and strengthening strategic partnership.

Deepen support for financial inclusion.

Ensure a successful next round of assessments, which will be more risk-based, timely and focused on effectiveness.

Today also the FATF President congratulated Kenya for the successful term presiding over the Council of Ministers and Task Force. She wished success to Ethiopia for their upcoming Presidency.

ANNIVERSARY: FATF chiefs and regional leaders met today (Friday) for the 25th Anniversary of Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).

FATF said it looked forward to continuous engagement with ESAAMLG, “to strengthen the Global Network and the joint response to money laundering, terrorism financing and proliferation financing.”

AFRICA: “We need to build a united front, we need to support each other, we need to work together to deprive criminals of their source of funding and their ill-gotten gains,” said FATF executive secretary Violaine Clerc.

Earlier this week FATF Executive Secretary Violaine Clerc highlighted the need for all FATF and FSRBs’ members to join within the agency’s “Global Network.”

The Global Network, comprises the FATF and the nine FATF-Style Regional Bodies (FSRB). Ms Clerc said the network required the “forces, efforts and expertise” of its member.

The FSRBs oversee a large part of the world’s AML and CFT efforts. They support their member jurisdictions to implement the FATF Standards and they assess their members’ AML/ CFT regime.

Ms Clerc was speaking at the ESAAMLG Task Force Plenary meeting on Wednesday.

“We need to build a united front, we need to support each other, we need to work together to deprive criminals of their source of funding and their ill-gotten gains. […] These amounts should not contribute to the well-being of criminals but to the well-being of populations in need: these amounts could give access to decent living conditions, healthcare starting with vaccines, education,” said Ms Clerc.

On Friday Ministers from the ESAAMLG region attended the meeting of the Council of Ministers, representative group’s decision-making body.

The 21 member countries are: Angola, Botswana, Burundi,Eritrea, Eswatini, Ethiopia, Kenya, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Rwanda, Seychelles, South Africa,South Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

To mark the body’s silver jubilee, FATF President Elisa de Anda Madrazo on Friday addressed the Council of Ministers.

MEETING: FATF Executive Secretary Violaine Clerc, ESAAMLG Executive Secretary Fikile Zitha and outgoing ESAAMLG Chairperson Saitoti Maika discussed the continued collaboration and partnership between FATF and ESAAMLG

On Thursday Ms Clerc, ESAAMLG Executive Secretary Fikile Zitha and outgoing ESAAMLG Chairperson Saitoti Maika discussed how continued collaboration and partnership was crucial to ensure a global implementation of effective measures to combat money laundering and terrorist financing.

The active participation of the FSRBs in the work of the FATF is seen as crucial to ensure a global implementation of effective measures to combat money laundering and terrorist financing.

The Global Network brings together more than 200 governments and 20 observer international organisations.

IMPORTANT DATE:

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The International Anti-Financial Crime Summit 2024 (IAFCS2024) will take place on October 9 next in London. This unmissable conference takes place at the 10 Union Street convention centre, located in the heart of London’s business district. The Summit will feature regulators, policymakers, industry leaders and law enforcement chiefs. Leading speakers, panellists and sponsor partners will be announced soon.

?Secure your place today and meet your fellow Financial Crime Fighters from around the world at The International Anti-Financial Crime Summit 2024