W/African financial dealers training on money laundering, financial crime underway

Tuesday, April 30, 2019

West African Institute for Financial and Economic Management (WAIFEM) yesterday commenced a five-day training for financial dealers in West African on combating money laundering and other financial crimes to safeguard the financial sector.

The course is currently underway at Paradise hotel in Kololi with participants from West African English speaking countries who deal in financial matters.

Representative of WAIFEM director general Paul Mendy explained that the intergovernmental action group against money laundering in West Africa is a specialised institution responsible for the prevention and control of money laundering and terrorist financing in the sub-region. He said the institution’s collaboration and support to WAIFEM has been significant over the years.

“In today’s open and globalised financial economy characterized by technologies, the quantum of financial and economic crimes have been on the increase and pose threat to the integrity of the financial system,” he said.

Mr. Mendy explained that the fragile financial system of the West African sub - region has not been left out of the rampaging phenomenon of money laundering and financial crimes.

Essa Drammeh, second deputy governor of the Central Bank of The Gambia said during the course, experience experts and practitioners would be sharing their knowledge and experience on themes of the course.

He said money laundering has an adverse effect on the health and development of the financial system, saying that its effects and related economic and financial crimes are enormous, causing distortions in the financial market through misallocation of investments. “The twin menaces of money laundering and terrorist financing have devastating macroeconomic consequences, such as inexplicable changes in money demand, prudential risks to bank soundness, contamination effects on legal financial transactions and increase volatility of international capital flows and exchange rate due to unanticipated cross - border asset transfers,” he added.

Author: Pa Modou Cham