Juba, South Sudan – 19 August 2024 (ECA) – The Economic Commission for Africa (ECA) and the Financial Intelligence Unit (FIU) of South Sudan, with the support of the Bill and Melinda Gates Foundation have successfully concluded a groundbreaking two-day workshop on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in Juba. Held from 12-13 August 2024, the workshop brought together key stakeholders from government, financial institutions, and experts to enhance the country's capacity to combat financial crimes.
"This workshop marks a significant step forward in our collective efforts to strengthen AML/CFT frameworks in South Sudan," said Ms Sonia Essobmadje, Chief of Section, Finance and Domestic Resource Mobilization at ECA. "We are committed to supporting the country in its fight against financial crimes."
Dr Wani Igga, Second Vice-President of the Republic of South Sudan in his opening remarks call for a strengthening of due diligence standards to combat financial crime and protect the integrity and stability of financial markets and the global financial system.
The first day of the workshop was dedicated to government officials, focusing on policy development and regulatory frameworks. The second day targeted financial institutions, providing practical training on compliance and reporting mechanisms. Additionally, the National Risk Assessment report was disseminated, offering critical insights into the country's financial crime risks and vulnerabilities. Representatives from the Financial Intelligence Authority (FIA) Uganda and the Financial Reporting Centre (FRC) Kenya shared their experiences and best practices, providing valuable insights into effective AML/CFT strategies.
This workshop is part of the recommendations of the Financial Action Task Force (FATF) to help South Sudan improve its AML/CFT measures and work towards being removed from the FATF grey list. The grey list includes countries that have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing, but which have committed to addressing these deficiencies. Being on the grey list can impact a country's international financial transactions and its reputation in the global financial community.
The workshop concluded with the need to strengthen the capacities of all key players in the financial system, and a firm commitment to fight financial crimes.
Issued by:
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Economic Commission for Africa
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Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org