An Update to the FSVC Community

Dear Friends of FSVC,

Thank you for your continued support during this time of significant change in U.S. government-funded technical assistance. Your partnership enables us to stay the course, and I am glad to share that FSVC has now resumed work in 13 countries, advancing vital financial sector reforms and strengthening economic resilience where it is needed most, particularly in emerging markets of strategic importance to the United States and the global economy.

FSVC’s current work includes promoting budget transparency in Algeria and Iraq, helping to strengthen the fiscal transparency of the extractive sectors in Tajikistan and Indonesia, and bolstering local supervisory oversight of crowdfunding platforms to prevent their misuse for money laundering and terrorist finance in Tajikistan, Nigeria, and Kosovo, among other areas of technical assistance.

This remains a challenging period for our organization. Yet our mission is unwavering: to deliver world-class, demand-driven technical assistance to reform-minded counterparts in emerging market countries, supporting both inclusive economic growth and U.S. interests abroad.

We have taken significant steps to streamline operations and reduce costs. Still, private contributions are essential to sustain this critical work. If you are able, please contribute—your gift will truly make a difference.

We are deeply grateful for your commitment, and look forward to keeping you updated on FSVC’s efforts to support reformers who are driving meaningful, lasting change. Please take a moment to read our September newsletter, which highlights the important progress we are making together.

With gratitude,

J. Andrew Spindler

FSVC President & CEO

Algeria: Advancing Fiscal Transparency Through the Citizens Budget

FSVC’s training for Algerian government officials and local civil society organizations on the Citizens Budget, attended by U.S. Ambassador Elizabeth Aubin, Algiers, Algeria. July 2025

FSVC, with support from the U.S. Department of State, is helping to strengthen budget transparency and oversight in Algeria.

Public participation in Algeria’s budget process has long been constrained by limited access to information and the technical complexity of budget documents. To address these challenges, FSVC recently led a series of trainings in Algiers for representatives of local civil society organizations (CSOs) and the Ministry of Finance’s General Directorate of Budget (DGB).

FSVC experts worked closely with the DGB to refine the methodology for the Citizens Budget, a simplified, user-friendly version of the national budget that FSVC previously helped develop. At the same time, FSVC trained CSOs and DGB representatives on budget analysis and monitoring, including budget formulation, sectoral allocations, and the role of CSOs in shaping priorities.

The project culminated in a public-private roundtable that provided a rare platform for constructive dialogue between the CSOs and DGB. Together, they identified key priority areas for inclusion in the next Citizens Budget, scheduled for release in 2026. The roundtable was formally closed by U.S. Ambassador Elizabeth Aubin, underscoring the importance of these collaborative efforts.

As a result, both the DGB and Algerian CSOs are now better equipped to strengthen the Citizens Budget, ensuring that it reflects citizen priorities and serves as a powerful tool for fiscal transparency and accountability.

FSVC remains committed to building on this progress and supporting inclusive, transparent, and effective budget practices in Algeria.

The rapid rise of cryptocurrency and fintech in Nigeria has expanded financial inclusion and innovation, but it has also introduced new vulnerabilities, including the potential misuse of digital platforms to raise and move illicit funds.

To address these risks, FSVC, with support from the U.S. Department of State, is helping to strengthen Nigeria’s capacity to combat the financing of terrorism (CFT) through crowdfunding, prevent the misuse of the non-profit sector, and address risks associated with virtual assets.

This summer, in Abuja, FSVC organized a training for government institutions to strengthen law enforcement and regulatory capabilities in cryptocurrency investigations. During the training, the FSVC volunteer experts presented on terrorism-financing risk typologies specific to cryptocurrency transactions and demonstrated cutting-edge tools to trace suspicious activity, with particular focus on the misuse of crowdfunding platforms.

FSVC also convened a dedicated session for private sector stakeholders, including cryptocurrency exchanges, fintech companies, crowdfunding platforms, and non-profit organizations. Participants gained practical skills to identify risks in cryptocurrency and crowdfunding transactions, implement risk-based compliance measures, and align practices with international CFT standards.

As a result, both public and private sector actors are now better equipped to detect and disrupt terrorism financing activity in the digital space, strengthening Nigeria’s broader prevention and enforcement framework.

FSVC looks forward to building on these efforts to advance cryptocurrency oversight and CFT capacity in Nigeria.