Angola: Strengthening Correspondent Banking Ties to Support Economic Diversification
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J. Andrew Spindler, FSVC President and CEO, and Chindalena Lourenço,
USACC Executive Director, during the USACC Roundtable Discussion.
Mourad Baly, FSVC Regional Director, is front left.
Luanda, Angola, April 2022
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On April 26, FSVC President and CEO J. Andrew Spindler led a roundtable discussion on “Efforts to Strengthen Angola’s Correspondent Banking Ties to Support Economic Diversification,” hosted by the U.S. – Angola Chamber of Commerce (USACC). The event was attended by board members from Angolan banks, oil companies, audit firms and senior officials from the U.S. Embassy.
During the roundtable, Andy provided an update on FSVC’s work in Angola, which includes providing guidance to Angolan banks on strengthening compliance in anti-money laundering and combating the financing of terrorism (AML/CFT) compliance, and assisting key government institutions in public financial management best practices. Andy also spoke about the role of the Financial Action Task Force (FATF) and potential consequences of a negative FATF review. He urged participants to redouble their efforts to prepare for Angola’s upcoming FATF review in June and July 2022. Participants asked questions and received recommendations regarding the Mutual Evaluation process and the role banks should play in financing small businesses.
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Help support FSVC’s critical work to improve lives in developing and emerging market countries. Make a tax-deductible donation to FSVC today!
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Democratic Republic of the Congo: Enhancing Capabilities in Financial Audit and Investigations
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APLC participants during the training
Kinshasa, Democratic Republic of the Congo, July 2022
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The Democratic Republic of the Congo (DRC) has made combating corruption a national priority since electing a new administration in 2019. As part of this effort, the Government created the Agency for the Prevention and Fight against Corruption (APLC) in 2020.
To help operationalize and professionalize this new institution, in June, FSVC implemented a training for 53 analysts, investigators and Judicial Police Officers at the APLC in financial audit for investigative purposes. Over the course of four days, the FSVC volunteer experts covered topics including trends and typologies in corruption and bribery, audit tools and mechanisms, and methodologies to detect suspicious activity and compile relevant information and sources. The volunteer experts also explained how to develop and implement an anti-bribery and corruption (ABC) risk model audit. As a result of the training, the APLC is better positioned to conduct financial audits as part of its investigation of suspicious financial activity. “The training was useful, and it will help APLC staff improve their analysis and their reporting. In addition, the methodologies and case studies that were used throughout the training were instructive,” expressed Thierry Mbulamoko, Head of the APLC.
This training was organized with funding from the U.S. State Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL).
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FSVC Webinar with Citi on AML/CFT Global Trends
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Citi Speakers Jacqueline Sanjuas and Anthony Fenwick
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On April 21, FSVC held a webinar with Citi on global trends and challenges in AML/CFT risks and compliance. The discussion was led by Jacqueline Sanjuas, Citi’s Bank Secrecy Act Officer and AML Chief Compliance Officer, and Anthony Fenwick, Global Head of the AML Risk Management Compliance Department for Citi’s Treasury and Trade.
The two speakers gave an overview of recent developments and challenges in global AML/CFT compliance. They highlighted that identifying risks and vulnerabilities is becoming increasingly complex due to the rapid evolution of trends in fraud and cybercrimes. They also explained how Citi considers the AML/CFT frameworks and risks of a country or institution when deciding to build or end a correspondent banking relationship. They finally discussed recent trends in global banking, in particular the rapid shift from traditional banking to digital banking.
Citi has a presence in over 90 countries, which allows the institution to see and understand risks at a macro-level. AML/CFT is a key area of work at FSVC in several countries, including Albania, Angola, the Democratic Republic of the Congo, Jordan, Niger and Tajikistan. FSVC values its collaboration with Citi to learn about their firsthand experience tackling these critical and urgent issues.
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FSVC Pays Tribute to Kenneth W. Dam
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The Board of Directors and Staff of FSVC mourn the passing of Kenneth W. Dam. He was an extremely active and committed member of our Board, serving from 2005 until his retirement in 2016. Ken was also an outstanding FSVC volunteer, serving on numerous FSVC missions over the years. He was a regular participant in our symposia with experts from Russia, China and India sponsored by Carnegie Corporation of New York. Ken’s record of public service and achievement in academia and the private sector speaks for itself. Among other positions, he served as U.S. Deputy Secretary of State, U.S. Deputy Secretary of the Treasury, Executive Vice President for External Relations at IBM, Professor of International Law and Economics at the University of Chicago Law School, and Provost of the University of Chicago. We were deeply fortunate to have Ken’s years of devoted service to FSVC. We benefited greatly from his wisdom, high-level experience and kindness. We extend our heartfelt condolences to Ken’s wife of 60 years, Marcia, to his son Eliot and daughter Charlotte, and to their families.
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About Us
The Financial Services Volunteer Corps (FSVC) is a not-for-profit organization that helps strengthen financial sectors in developing and emerging market countries. It does so with the ultimate aim of promoting job creation, economic growth and a better quality of life. FSVC structures practical, results-oriented technical assistance and training missions staffed by senior financial sector professionals who serve as unpaid volunteer experts. Over the past 32 years, more than 10,000 volunteer experts from the international financial, legal and regulatory communities have taken part in 3,400 missions, impacting millions of people in 70 countries.
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