By Mhlengi Magongo | 2019-07-14
ESAAMLG Secretary Dr Eliawony Kisanga believes the best chances to prevent criminals from succeeding in money laundering and terrorism financing (ML/TF) is to disrupt their ability to raise, move and access money.
He was speaking during the AML/CFT Indaba yesterday at the Royal Swazi Spa Convention Centre.
Kisanga said ML/TF were now an international phenomenon as the havoc they caused was real.
He said, to effectively combat ML/TF, countries need to enhance their legal and operational frameworks at national, regional and international levels.
He said the policies that could tackle the ML/TF must be focused primarily on three segments of AML/CFT policy, namely prevention, detection and repression.
"The idea of course is that vital information is thereby transmitted from the financial sector players that are being 'misused' for ML/TF purposes to the law enforcement agencies,” he said.
He added that repressive measures, on the other hand, were instituted to facilitate investigation, prosecution or to have more effective sanctions at hand.
“Among the repressive measures we find attempts to facilitate international cooperation, provisional measures and asset forfeiture or criminal provisions in different laws,” he said.
Kisanga also mentioned that Eswatini should focus on an approach that would determine how effective their mechanism was.
He said the ESAAMLG aimed at undertaking the assessments to identify these very issues and allow countries to effectively address them. "In addition to a focus on technical compliance, the current round of assessment has a much stronger focus on effectiveness.
“Generally speaking, the FATF uses the terms ‘effectiveness’ or ‘effective compliance’ to describe if a system is achieving the results it should,” he said.
He concluded by attesting that lack of adequate frameworks and implementation mechanisms on accessing ultimate beneficial information made it difficult for the country to deal with money laundering and terrorism financing.
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