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Inclusive Financial Integrity: A Global Priority

A recent report by the Financial Integrity Commission (FIC) highlights the importance of inclusive financial integrity in four countries: Namibia, Mongolia, Paraguay, and Sri Lanka. The report underscores the need for governments and financial institutions to prioritize financial inclusion and combat money laundering and terrorist financing.

Mongolia Makes Progress

Mongolia was previously under scrutiny by the Financial Action Task Force (FATF) due to concerns over its anti-money laundering and combating the financing of terrorism (AML/CFT) framework. However, the country has made significant progress in addressing these concerns. In October 2020, Mongolia exited the FATF’s enhanced monitoring process, a feat achieved by only one other country in two decades.

Paraguay’s Challenges

Paraguay, on the other hand, faces challenges in achieving financial inclusion. According to the World Bank’s Global Findex Database 2021, only 27 percent of Paraguayan adults have an account with a financial institution. The main barriers to access include lack of money and documentation.

Sri Lanka’s Financial Inclusion Survey

The Central Bank of Sri Lanka conducted a National Financial Inclusion Survey in 2018-19, marking the first focused survey on financial inclusion in the country. The survey aimed to identify obstacles to improving financial inclusion and design appropriate policies to overcome them.

Namibia’s Efforts

Namibia has made efforts to improve its AML/CFT framework, but more needs to be done to combat money laundering and terrorist financing. The country’s financial sector is vulnerable to illicit activities, and it is essential to strengthen regulations and enforcement mechanisms.

Conclusion

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The FIC report highlights the importance of inclusive financial integrity in promoting economic stability and preventing financial crimes. It emphasizes the need for governments and financial institutions to work together to address the challenges faced by Namibia, Mongolia, Paraguay, and Sri Lanka. By prioritizing financial inclusion and combating money laundering and terrorist financing, these countries can promote economic growth and development.

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