Swaziland Financial Institutions Urged to Ensure Compliance with New Checklist
The Economic and Financial Intelligence Unit (EFIU) in Swaziland has released a comprehensive compliance checklist for financial institutions operating in the country. The move aims to strengthen the financial system’s resilience against illicit activities, including money laundering and terrorist financing.
EFIU’s Vision and Core Values
According to the EFIU, its vision is to safeguard the financial system from illegal use, with the ultimate goal of creating a Swaziland that is free from all financial crimes. To achieve this, the institution has identified six core values that guide its operations:
- Integrity: Upholding the highest ethical standards in all aspects of work
- Confidentiality: Protecting sensitive information and maintaining confidentiality
- Accountability: Taking ownership of actions and being responsible for decisions made
- Transparency: Ensuring openness and clarity in all dealings
- Respect: Treating all stakeholders with dignity and respect
- Excellence: Striving for exceptional performance and continuous improvement
Mission and Objectives
The mission of the EFIU is to detect, collect, analyze, and disseminate financial intelligence to stakeholders in order to combat money laundering and terrorist financing. The compliance checklist provides a comprehensive framework for financial institutions to ensure they are meeting their regulatory obligations and preventing illegal activities from taking place within their operations.
Compliance Checklist
Financial institutions operating in Swaziland are advised to familiarize themselves with the checklist and implement measures to ensure full compliance. The EFIU has emphasized that its commitment to transparency and integrity will guide all aspects of its work, including:
- Development and implementation of policies and procedures related to financial intelligence gathering and dissemination
- Ensuring regulatory obligations are met to prevent illegal activities from taking place within their operations
By ensuring compliance with the new checklist, financial institutions can play a vital role in maintaining a robust and resilient financial system that is free from financial crimes.