The Central Bank of Eswatini (CBE) successfully hosted training on terrorist financing, proliferation financing and targeted financial sanctions on the 19th of February 2024.
The well-attended training was facilitated by two experts from the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), Chris Likomwa and Kennedy Mwai.
The training is part of the country’s efforts to address the deficiencies raised by the Assessors from the ESAAMLG in their 2022 report. The assessors noted the need for raising awareness and educating relevant stakeholders on terrorist financing and also noted that there was slow implementation by financial institutions with targeted financial sanctions.
Targeted financial sanctions require financial institutions to freeze, without delay (in a matter of hours but not more than 24 hours), funds from or to terrorists or terrorist groups that are meant to support terrorist activities. The terrorist groups and countries proliferating weapons of mass destruction are listed in the resolutions issued by the United Nations Security Council.
Participating in the training were 80 officers from the public and private sectors including the Anti-Corruption Commission, Attorney General’s Chambers, Central Bank of Eswatini, Director of Public Prosecutions and Assets Forfeiture Unit, Eswatini Financial Intelligence Unit, Eswatini Revenue Services, Eswatini Environmental Authority Financial Services Regulatory Authority, Ministry of Commerce, Ministry of Finance, Ministry of Home Affairs, Ministry of Natural Resources-Department of Mines, Ministry of Tourism-Gaming Board, Royal Eswatini Police Services, Institute of Accountants, Banks, Insurance companies, Mobile Money Service Providers, Investment companies, Authorized Dealers with limited Authority (Forex bureaus), and a Casino.
The Governor of the Central Bank, Dr Phil Mnisi, in his capacity as the Chairperson of the Council, welcomed the participants. In his speech, he encouraged the participants to actively engage the facilitators.
“I am happy, therefore, that today we have all the country stakeholder institutions at this training session. We all have a role/obligation to play in our respective sectors to have a robust, healthy, and effective AML/CFT regime. We are confident that after this training we are all going back to our different institutions with knowledge and skills. The expectation is that we will all implement what we will learn here to ensure compliance with FATF standards,” the Governor said.
The facilitators educated the participants about different resolutions issued by the United National Security Council. Participants learned about the country’s risk exposure. Financial institutions benefited from the knowledge on how to implement the targeted financial sanctions.
Regulators and supervisors gained monitoring skills while law enforcement authorities cemented their lessons on investigating terrorist financing and proliferation financing crimes. Policymakers got insight on how to improve the legal framework in the country.
The training ended on a high note as the participants graduated and received certificates.