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| The Governor of the Central Bank of Kenya, Nijuguna Ndung'u (center), meeting with J. Andrew Spindler, FSVC's President and CEO and members of FSVC's AML assessment team. |
In 2011, amid continued global economic and political challenges, FSVC advanced its vital mission of helping to build strong and efficient financial systems in many of the emerging market world’s most important countries. FSVC is proud to be providing needed and timely technical assistance in many countries undergoing dramatic transformations, particularly in the Middle East/North Africa region and in East Africa. The organization is dedicated to assisting its counterparts around the world in addressing such critical issues as strengthening the access of small and medium-sized enterprises (SMEs) to financial services, promoting financial inclusion for unbanked and underbanked population segments, strengthening risk management in emerging market financial institutions, and combating money laundering and terrorist financing, among other areas of work. With many new technical assistance programs commencing in the fall of 2011, FSVC is looking forward to a productive and dynamic 2012.
During 2011, FSVC provided more than 6,500 hours of expert technical assistance, generously donated by more than 110 distinguished Volunteer experts, to counterparts in 15 countries. In one pivotal series of new initiatives, FSVC is becoming deeply involved in East Africa, one of the strategically most important areas of the emerging market world. Starting in October 2011, FSVC commenced a three-year program to promote regional financial sector integration among the five member states of the East African Community (EAC), Burundi, Kenya, Rwanda, Tanzania and Uganda. The objective of this work, undertaken in partnership with the U.S. Agency for International Development (USAID) and the Open Society Foundation, is to promote transparency
FSVC is opening a new office in Nairobi that will oversee this work, along with important new work related to anti-money laundering (AML), combating financing of terrorism (CFT), and advancing financial inclusion. FSVC is currently partnering with the Bill & Melinda Gates Foundation to undertake an assessment of the challenges to developing a framework for AML/CFT in Kenya that is both effective and compatible with the objectives of financial inclusion. The results of the work will be presented at an international conference that will be co-hosted by the Gates Foundation, the Central Bank of Kenya and FSVC in early 2012. FSVC will also soon initiate a pilot program, funded by the U.S. State Department, focused on AML/CFT issues in Kenya.
During 2011, FSVC provided more than 6,500 hours of expert technical assistance, generously donated by more than 110 distinguished Volunteer experts, to counterparts in 15 countries. In one pivotal series of new initiatives, FSVC is becoming deeply involved in East Africa, one of the strategically most important areas of the emerging market world. Starting in October 2011, FSVC commenced a three-year program to promote regional financial sector integration among the five member states of the East African Community (EAC), Burundi, Kenya, Rwanda, Tanzania and Uganda. The objective of this work, undertaken in partnership with the U.S. Agency for International Development (USAID) and the Open Society Foundation, is to promote transparency
FSVC is opening a new office in Nairobi that will oversee this work, along with important new work related to anti-money laundering (AML), combating financing of terrorism (CFT), and advancing financial inclusion. FSVC is currently partnering with the Bill & Melinda Gates Foundation to undertake an assessment of the challenges to developing a framework for AML/CFT in Kenya that is both effective and compatible with the objectives of financial inclusion. The results of the work will be presented at an international conference that will be co-hosted by the Gates Foundation, the Central Bank of Kenya and FSVC in early 2012. FSVC will also soon initiate a pilot program, funded by the U.S. State Department, focused on AML/CFT issues in Kenya.
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| Central Bank of Iraq participants in FSVC's training for offsite financial analysis enjoy a soccer game in Istanbul with FSVC's program implementers. Cecilia Lee, FSVC's secondee from the U.S. Federal Deposit Insurance Corporation (FDIC), is bottom row, second from left. |
FSVC has continued its engagement with the Central Bank of Iraq (CBI) to modernize and build institutional capacity. Over the past year, FSVC began training programs for staff from the Bank Supervision and AML directorates. FSVC helped facilitate the deployment of Volunteer experts from the Federal Reserve Bank of Kansas City to advise on developing the CBI’s public relations function, which resulted in the establishment of a new International Department. In response to internal developments in Iraq, legal experts provided a commentary on the economic rationale for central bank independence, which included talking points to improve outreach to other government bodies and the public. FSVC’s continued assistance to the CBI in 2012 will include increased cooperation on AML, bank supervision, public relations, and management of financial reserves.
FSVC extended its presence in the Middle East and North Africa in response to the Arab Spring by beginning a program in Tunisia, funded by the U.S. State Department. After opening a new office in Tunis, FSVC began technical assistance to increase lending to SMEs, promote financial sector innovation, and strengthen institutional capacity. In 2012, FSVC will continue its work with the newly elected Tunisian government, financial institutions, and venture capital firms. A similar State Department-funded FSVC program in Egypt, where FSVC has been active since 2003, will concentrate on strengthening the capacity of the financial sector to support SMEs, entrepreneurship, and job creation.
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| William Cundiff, FSVC Volunteer; Deborah Senn, U.S. Treasury Advisor; and Meatra In, Head of Insurance Division, and Division staff, Ministry of Economy and Finance, in Cambodia. |
FSVC’s long-standing program in Russia continues to generate significant and appreciated results with the Central Bank of Russia (CBR) and the Russian Financial Intelligence Unit (FIU). At the CBR, Volunteer experts trained staff on current risk management practices in the wake of the 2008-09 financial crisis. With the FIU, FSVC is providing regional training programs on AML best practices. Volunteer experts, in cooperation with the Russian Association of Regional Banks, produced two reports on the AML-related implications of the draft National Payment System Law and on the use of risk-based pricing for lending to SMEs.
Amid growing financial problems in Europe in late 2011, USAID awarded new multi-year funding to FSVC to continue its work in Albania with the Bank of Albania and Financial Supervisory Authority. This work will concentrate on strengthening the country’s banking and insurance regulation. Earlier in the year, FSVC celebrated the graduation of a second class of twelve Albanians and two Kosovars who completed the requisite FSVC training to become certified actuaries.
FSVC continued to provide much-needed technical assistance through smaller programs as well. This past year, FSVC signed a Memorandum of Understanding with the U.S. Treasury Department’s Office of Technical Assistance (OTA) to provide consultations and training around the world. In 2011, FSVC’s Volunteer experts completed projects with OTA in Cambodia, Haiti, Kosovo, and Vietnam. We expect that this relationship will continue to expand in 2012.
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| FSVC's AML/CFT programs have helped strengthen financial supervisory capabilities in more than 16 countries, including Malawi. Pictured: An AML sign on the road linking the capital, Lilongwe, and its airport. |
As part of its ongoing collaboration with the Carnegie Corporation of New York, FSVC held an important conference in Shanghai, China, in June 2011. The symposium involved participants from the United States, Russia, China, and India. Discussions at the gathering focused on the repercussions of the global financial crisis, the need for improved international financial architecture reflective of the growing role of emerging market countries, and the continuing lack of coordinated global action to counter climate change. Following the symposium, FSVC and Fudan University jointly hosted a major media event attended by seven leading Shanghai news outlets.
In sum, the past year has been an extraordinarily productive one as FSVC has mounted important new programs in the Middle East and East Africa, and as the organization has secured new funding commitments to support its work over the coming several years. We are confident that, with the continued dedication of our unrivaled pool of Volunteer experts and the support of our many friends and partners, 2012 will be a year of many achievements and significant impact for FSVC’s important programs around the world.
In sum, the past year has been an extraordinarily productive one as FSVC has mounted important new programs in the Middle East and East Africa, and as the organization has secured new funding commitments to support its work over the coming several years. We are confident that, with the continued dedication of our unrivaled pool of Volunteer experts and the support of our many friends and partners, 2012 will be a year of many achievements and significant impact for FSVC’s important programs around the world.
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