Home | News    Saturday 18 January 2014

Tougher regulations needed to combat money laundering: Sudanese official

separation
increase
decrease
separation
separation

January 17, 2014 (KHARTOUM) – The governor of the Central Bank of Sudan (CBoS), Mohamed Ali Al-Sheikh, has acknowledged lack of transparency in reporting money laundering cases in the country.

Al-Sheikh, who addressed a workshop on evaluating risks of money laundering and terrorism financing on Thursday, said that monitoring bodies within the CBoS, ministry of interior, and General Customs Administration (GCA) would not be able to combat money laundering without effective cooperation of the compliance officers in the commercial banks.

He described Sudan’s rating of compliance with the standards of the Financial Action Task Force (FATF) as unsatisfactory and added they are concerned about Sudan’s current standing, saying that it would expose the country to greater risks.

The FATF is an intergovernmental organisation founded in 1989 to develop policies to combat money laundering and terrorism financing.

He acknowledged that combat operations within all institution in the country are “weak and slow”, calling upon compliance officials to put more efforts into identifying risks within financial institutions besides implementing the FATF 40 recommendations on money laundering and terrorism financing.

Al-Sheikh further expressed fear of curtailing the role of compliance officers within financial institutions.

“If we meet the international requirements, we will not be targeted”, he added

The certified specialist in money laundering and terrorism financing, al-Sadiq Osman Abdel-Magid, for his part said that international rate of money laundering is between 2% to 5% of the Gross Domestic Product (GDP) which is equivalent to $1.5 trillion.

The participants in the workshop also disclosed that suspected cases of money laundering in Sudan last year were only eight.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Bashir’s congratulation for Trump remains double-edged sword 2017-02-21 08:47:41 By Mahmoud A. Suleiman This is a note to the readers of this article about my use of the phrase double-edged sword. It means that Omar al-Bashir’s Speedy congratulation offer to Donald Trump (...)

South Sudan: Why ’NO’ for peace and ’YES’ for war 2017-02-20 20:45:12 By Tor Madira Machier The region and the International community has been on a campaign in a bid to end the civil war in South Sudan right after its inception in December 2013, yet the very (...)

The Nile: A source of energy, food and water for all 2017-02-20 07:19:22 By Sam Cheptoris River Nile is a trans-boundary resource shared by 11 countries in the Nile Basin, each with different and, sometimes, conflicting interests. This scarce resource is a source of (...)


MORE






Latest Press Releases


Militias of Bashir’s Regime and the Proxy War (1) 2017-02-08 21:49:09 Sudan Democracy First Group Militias of Bashir’s Regime and the Proxy War (1) War in the Blue Nile: Militias in the hunt of refugees and displaced population Introduction Throughout its rule, (...)

More refugees flee to Uganda than across Mediterranean 2017-01-25 09:15:39 January 25, 2017 Uganda welcomed more refugees last year than the total number of refugees and migrants crossing the Mediterranean into Europe. “Europe should learn from the way Uganda and other (...)

Carter Center welcomes new regulations on humanitarian affairs 2017-01-12 07:53:16 The Carter Center ATLANTA, Januarg 11, 2017 – The Carter Center welcomes the recent regulations issued by the government of Sudan aimed at facilitating humanitarian relief throughout the country (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.