FSVC works in Iraq, with support from the U.S. Department of State, to strengthen micro, small and medium-sized enterprise (MSME) reforms, opportunities, and growth within the country. The program aims to enhance the legal and regulatory framework for MSMEs, broaden access to finance, and fortify the MSME business support ecosystem.

Businesswomen in Iraq often face considerable obstacles in their work. In response to this challenge, FSVC recently held a training in Istanbul, Turkey for businesswomen members of the Federation of Iraqi Chambers of Commerce on how to coach women-owned enterprises. FSVC equipped the women participants with tools, techniques and practical exercises to enhance their business coaching abilities and prepare them for real-world scenarios. As a result of this training, the businesswomen gained the skills needed to effectively mentor and support other entrepreneurs within their communities. Furthermore, the businesswomen found inspiration in this project and made a collective decision to establish a Women Business Association in Iraq. This association aims to provide tailored coaching and guidance to women-owned MSMEs, filling a significant gap in the local entrepreneurial ecosystem.

FSVC remains committed to continuing this crucial work in Iraq in pursuit of fostering an inclusive and vibrant entrepreneurial ecosystem in the country.

With funding from the U.S. Department of State, FSVC supports key public and private sector institutions in the Democratic Republic of the Congo (DRC) in their efforts to enhance the detection, analysis, investigation, and prosecution of financial crimes. 

Suspicious transaction reports (STRs) are vital for detecting money laundering and terrorist financing (ML/TF), providing critical information about suspected ML/TF infractions from the private sector to law enforcement. However, the number of STRs sent to the DRC’s financial intelligence unit, the La Cellule Nationale des Renseignements Financiers (CENAREF) by reporting entities (REs) is low relative to the country’s ML/TF risks. To address this, FSVC has bolstered the capacity of actors along the entire STR filing chain, including training commercial banks in identifying suspicious transactions, developing STR filing guidelines for REs, and training CENAREF analysts in effective strategic analysis of STRs received. 

Recently, FSVC convened all actors in the reporting chain to discuss the root causes of the low reporting rates and poor quality STRs. FSVC moderated public-private roundtables for the CENAREF, the Public Prosecutor’s Office, the Commission for the Management of Seized and Confiscated Assets, financial institutions and select designated non-financial businesses and professions (DNFBPs, e.g., lawyers, accountants). During the roundtables, the government institutions explained the significance of STRs in fighting financial crimes and each institution’s role in the financial intelligence cycle. CENAREF presented the components of a high-quality STR and FSVC-developed STR Guidelines to the REs. These roundtables laid the foundation for more effective public-private coordination on ML/TF, improving actors’ understanding of their roles in the STR process and practical strategies for enhancing quality and quantity of shared financial intelligence in STRs.

FSVC looks forward to continuing to support the DRC’s efforts to enhance public-private collaboration to combat money laundering and financial crimes.