Tuesday, September 10, 2013

GIABA bring AML/CFT requirements to West African accountants in Banjul

Photo Credit: Modou S. Joof/2012

Anti-Money Laundering and Counter-financing of Terrorism (AML/CFT) requirements has been brought to the attention of accountants in English-speaking West Africa by GIABA.

The Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, is holding a training on the AML/CFT requirements from 11 to 12 September, 2013 in Banjul, The Gambia.

The Financial Action Task Force (FATF) revised standards place obligations on accounting professionals to adopt and implement AML/CFT measures, including risk assessment and application of the Risk-Based Approach to AML/CFT implementation, GIABA said.

 It also includes Customer identification and Customer Due Diligence, record keeping and reporting of suspicious transactions, a statement from the organisation said.

The main objective of the programme is to enhance the capacity of accountants on the revised FATF Recommendations to enable them fulfill their obligations, The Voice has gathered.

Last year 2012, GIABA held a similar sensitization programme in Dakar, Senegal, for accountants from Francophone West Africa. The initiative was a first step in sensitizing accountants and auditors on their roles in strengthening their countries’ AML/CFT regimes.

“A major resolution at that programme was that GIABA should sustain efforts to create awareness among the Association of Accountants and urge member States to direct professional bodies to create self-regulatory bodies within relevant sectors to further drive AML/CFT compliance,” GIABA noted.

Participants for today’s training are drawn from The Gambia, Ghana, Liberia, Nigeria and Sierra Leone. The training will be delivered by technical experts from the region and GIABA Secretariat through plenary discussions and experience sharing.

GIABA expects that at the end of the training, there will be improved compliance by accountants in the implementation of AML/CFT measures, especially enhanced quality and quantity of suspicious transaction reports (STRs) from members of the accounting profession to the FIUs.

Also, it hopes for better cooperation between accountants and regulatory or supervisory bodies.

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