Yemen Hosts Workshop to Enhance Compliance Officers’ Skills in Combating Money Laundering and Terrorist Financing
Introduction
In an effort to strengthen the fight against money laundering and terrorist financing, Yemen’s financial institution compliance officers gathered for a workshop in Aden, organized by the Financial Information Unit and supported by the United States Agency for International Development (USAID).
Objectives of the Workshop
The two-day event aimed to equip participants with the skills and knowledge necessary to effectively identify and mitigate these financial crimes. The objectives were:
- Building the capacity of compliance officers in banks to perform minimum due diligence
- Assessing risks related to money laundering and terrorist financing
- Strengthening controls and supervisory instructions for combating money laundering and terrorist financing
Keynote Addresses
Head of Financial Information Unit’s Speech
The workshop was inaugurated with a speech by the Head of the Financial Information Unit, who thanked the Central Bank’s leadership for their sponsorship and the National Committee for Combating Money Laundering and Terrorist Financing for their moral and logistical support.
Welcome Address by Vice Chairman of National Committee
Vice Chairman Mr. Hussein Al-Mihdhar delivered a welcome address highlighting the importance of collaboration in combating money laundering and terrorist financing.
Keynote Address by Head of Banking Supervision Department
Mr. Mansour Rajeh, Head of the Banking Supervision Department at the Central Bank, emphasized the significance of utilizing the workshop’s materials to establish and reinforce compliance concepts and culture within banks. He encouraged participants to strengthen controls and supervisory instructions for compliance in the field of combating money laundering and terrorist financing, aligning with government legislation and laws that the Central Bank is actively modernizing.
Workshop Sessions
The workshop featured sessions covering various essential topics, including:
- Regional and international efforts to combat money laundering and terrorist financing
- Supervisory controls for non-profit associations
- Updated supervisory instructions and controls for the Central Bank
- Skills for assessing money laundering and terrorist financing risks
The first day concluded with a general discussion among participants.
Conclusion
The workshop is scheduled to conclude on November 27, 2023. With the skills and knowledge gained from this event, compliance officers are better equipped to identify and mitigate financial crimes, ultimately contributing to a safer and more secure financial system in Yemen.