Rwanda: Banks Tipped on Money Laundering, Graft Fight

Jul 05, 2017 | The New Times; All Africa

Financial institutions have been urged to strengthen their reporting and governance systems as some of the ways to fight against illicit activities, including money laundering and graft.

Nikos Passas, from the Institute for Security and Public Policy at North Eastern University in the US, said money launderers and corrupt individuals always take advantage of weak systems to conduct their illegal businesses. Passas advised financial institutions to always conduct regular risk assessment, and track suspicious customer transactions as well as precautionary measures like reporting such activities to responsible agencies and freezing the questionable accounts. "Always cross-check whenever you find huge amounts of money on accounts whose source can't be traced," she says. Such kind of deposits could be the sign of theft and corruption or money laundering by criminal groups, the expert added. Passas was speaking at a two-day seminar organised by Basel Institute on Governance Crime in collaboration with the Office of the Ombudsman last week in Kigali. The meeting attracted commercial bank auditors, commercial lawyers, and other sector experts. Read more on All Africa. Source: All Africa