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Wednesday, February 1, 2023

Anti-Money Laundering Confab Soon

HomeAYV NewsAnti-Money Laundering Confab Soon

Anti-Money Laundering Confab Soon

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He went on to say that the objectives of the conference are to strengthen the technical capacity of law enforcement officials, focus on existing laws that are relevant to financial and trade data to crime targeting, in addition to techniques for conducting such analysis. 

“We want to deepen the understanding of our participants on the concept, approach and methodology for effective investigation of Maritime piracy and trade-based money laundering (TBML) and its supervision,” he informed journalists recently.

He added that other objectives include improving the capacity of law enforcement officials in enforcing AML/CFT regulations established by the FATF and other international standards; raising a pool of law enforcement officials in member states that are capable of analyzing the relevant tools in identifying TBML and investigation of maritime piracy. 

He maintained that they recently arrested loads of monies at the Lungi airport, adding that investigation into that is ongoing and that they don’t think it has anything to do with money laundering. 

“But what we intend to do is sensitize the public that when travelling with cash of more than $10,000 they must understand that they must declare it whether going out or coming into the country,” adding that when someone fails to declare such amounts it raises suspicion and will be of interest to all the institutions working under or with the FIU to know why such huge amount of money is being moved without declaration. 

He explained that in recent years they have been making positive strides to inform and educate the public on financial regulations and that they will not relent until they curb the act that is destroying West Africa.

He stated that after the conference, “we will also organize our own next month to do evaluation in the institution and to chart the way forward on how we can work with other institutions and the media to make sure the general public understands the concept of money laundering and its disastrous effects on the nation as a whole.”

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