Bank Group Strategy for the Prevention of Money Laundering and Terrorist Financing in Africa

May 01, 2007 | AfDB | AfDB
This document details the Bank Group’s strategy to prevent ML and FT, involving strategic actions in four key areas: 1. Adoption of measures to tighten the Bank Group’s fiduciary safeguards, its internal procedures and policies, and its audit function to ensure that its own lending is used for its intended purposes and is not subjected to financial abuse, corruption or money laundering; 2. Facilitation of the implementation of international AML/CFT standards by RMCs and participation in regional and national AML/CFT capacity building initiatives in collaboration with other international organizations and development agencies; 3. Assistance of RMCs, directly and through FSRBs, and support of their efforts to develop AML/CFT laws and strategies in compliance with international standards and build an institutional capacity to implement these laws and strategies, including a capable financial investigation unit; and 4. Support and assistance for the establishment of effective and operational sub-regional FSRBs. The paper concludes by making some recommendations for the implementation of the strategy.