Financial Crime World

Compliance Training for Financial Institutions in Afghanistan: FinTRACA Takes Lead

Kabul, Afghanistan - To strengthen financial integrity and combat money laundering and terrorist financing (ML/TF) crimes, the Financial Transactions and Reports Analysis Center of Afghanistan (FinTRACA) has conducted comprehensive training programs for various financial institutions in the country.

Recent Training Initiatives

  • FinTRACA organized a one-day training program for employees of six commercial banks at the Da Afghanistan Bank training center. The aim was to improve financial integrity and combat ML/TF crimes.
  • The organization also conducted a training program for around 30 employees of different divisions of the anti-narcotics department of the Ministry of Interior Affairs.

International Cooperation

The Financial Action Task Force (FATF) has recommended that countries implement effective measures to prevent money laundering and terrorist financing. In line with this recommendation, FinTRACA signed a multilateral Memorandum of Understanding (MOU) with various institutions, including the Ministry of Finance and General Directorate of Revenue, to enhance cooperation in combating ML/TF crimes.

Training Sessions for Specific Industries

  • FinTRACA conducted training sessions for Compliance Officers of Electronic Money Institutions (EMIs), Micro-Finance Institutions (MFIs), and MSPCOs. These training programs aimed to familiarize employees with work processes and ensure quality assurance.
  • The organization also launched a new online portal for Hawala reports, which will revolutionize the money services business (MSP) and foreign exchange dealer (FXD) sectors. The portal is designed to strengthen financial integrity and combat illicit activities.

Coordination Efforts

  • FinTRACA coordinated the third meeting of the Working Committee of the High-Level Coordination Commission (HLCC) to Combat Money Laundering and Other Financial Crimes, which was attended by representatives from various government agencies.
  • The organization also conducted capacity-building programs for commercial banks operating in Afghanistan. The aim is to enhance financial security and combat ML/TF crimes.

Commitment to International Standards

The Financial Transactions and Reports Analysis Center of Afghanistan (FinTRACA) is committed to ensuring that financial institutions in the country comply with international standards and regulations. The organization’s efforts are aimed at preventing money laundering and terrorist financing, as well as promoting financial integrity.

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