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AML/CFT Regime in Afghanistan: Effective Coordination and Capacity Building Key to Success

Kabul, Afghanistan - The 7th meeting of the High-Level Coordination Committee (HLCC) was held recently at the Supreme Council Hall of Da Afghanistan Bank, bringing together key stakeholders from government agencies and financial institutions to discuss the effectiveness of the country’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime.

The Role of the High-Level Coordination Committee

The HLCC is responsible for coordinating efforts among Law Enforcement Agencies (LEAs) and other relevant government agencies to combat all types of financial crimes, including money laundering and terrorist financing. The committee also oversees the implementation of the AML/CFT regime in Afghanistan.

Strengthening the AML/CFT Regime

FinTRACA has been at the forefront of efforts to strengthen the country’s AML/CFT regime. The center has established a Compliance Coordination Committee, which aims to enhance cooperation among financial institutions and government agencies to prevent money laundering and terrorist financing.

• The committee has held nine meetings since its establishment in September 2016.
• The most recent meeting focused on the responsibility of commercial banks in relation to AML/CFT issues, implementation of relevant United Nations Security Council resolutions, joint efforts, and recent developments in AML/CFT issues.

Capacity Building Programs

In addition to coordination efforts, FinTRACA has also organized capacity-building programs for compliance and operations employees of commercial banks, Money Service Provider Companies (MSPCOs), and employees of the Ministry of Interior on countering money laundering and terrorist financing.

• According to a table released by FinTRACA, the center provided training programs to 35 participants in October-November 2023.
• The training covered topics such as AML/CFT laws and regulations, filing Suspicious Transaction Reports (STRs) and Large Cash Transaction Reports (LCTRs), and understanding red flags and indicators of money laundering and terrorist financing.

Success of Afghanistan’s AML/CFT Regime

The success of Afghanistan’s AML/CFT regime is reflected in the country’s improved rating by the Financial Action Task Force (FATF). The FATF has praised Afghanistan’s efforts to implement its AML/CFT regime, including the establishment of a robust system for reporting suspicious transactions and freezing terrorist assets.

Conclusion

In conclusion, the effective coordination and capacity building efforts of FinTRACA and other stakeholders have been key to the success of Afghanistan’s AML/CFT regime. The country’s commitment to combating money laundering and terrorist financing has earned international recognition, and it is essential that these efforts continue to be sustained and strengthened to ensure the integrity of the financial system.