Cash Seizures on the Rise in Timor-Leste: Customs Staff Demand Better Training
Cash Seizures Highlight Need for Improved Training and Coordination
Dili, East Timor - Since 2002, customs officials in Timor-Leste have made three significant cash seizures, underscoring the importance of improved training and coordination to combat money laundering (ML) and terrorist financing (TF).
Lack of Cooperation Between Agencies Hinders Enforcement
According to a recent report, there is currently no arrangement in place for coordinated exchange of information between domestic agencies or with other countries regarding cross-border declarations and cash seizures. This lack of cooperation has led to inconsistencies in enforcing anti-money laundering regulations.
Insufficient Sanctions Imposed by Central Bank
The report also reveals that only two sanctions have been imposed by the Bank of Central Timor-Leste (BCTL) for violations of AML/CFT rules, despite a broad range of sanctions being available. This lack of accountability allows money laundering to continue unchecked.
Customs Officials Demand Better Training and Resources
Customs officials are demanding better training and resources to effectively implement the new anti-money laundering regime. “We need more support from the government to combat this issue,” said a senior customs official, who wished to remain anonymous. “The lack of coordination between agencies is hindering our ability to detect and prevent money laundering.”
Recommendations for Improvement
- Improved record-keeping requirements across all sectors
- Better monitoring of unusual transactions and those from high-risk countries
- Increased support and resources for customs officials
- Enhanced coordination between domestic agencies and with other countries
- Effective implementation of anti-money laundering regulations
Government’s Response
The government has promised to increase its efforts to combat ML and TF, but critics argue that more needs to be done to ensure effective implementation of the new regime. “We need to see tangible results from the government’s promises,” said a local activist. “The lack of transparency and coordination is allowing these illicit activities to continue unchecked.”
Expert Calls for Immediate Action
“It’s crucial that the government takes concrete steps to improve training, coordination, and resources for customs officials,” said a financial expert. “The lack of effective implementation will only lead to further instability and corruption.”