The National Treasury, in collaboration with the United State Department of Treasury, has launched a regional banking dialogue for Sub-Saharan Africa.
It aims to provide an avenue for cooperation and facilitate active regional dialogue on anti-money laundering and combating the financing of terrorism.
National Treasury Acting Director General, Ismail Momoniat, says financial integrity is vital so that the sector is not used for money laundering, terror financing, or hiding proceeds of corruption.
He says the regional banking dialogue will also help with outlining the expectations of regulators in other countries and share best practices.
“We can learn the lessons amongst ourselves on anti-money laundering, and the people of the country.”
The platform brings together participants in the private and public sectors from the US and Sub-Saharan African countries.
National Treasury holds meetings with US Treasury Department:
Zambia National Building Society Elijah Chulu says, “We live in a global world where there is trade globally and because of that, look at common trends and also to look at solutions. There’s also money laundering and counter-finance terrorism.”
The dialogue comes as South Africa faces the risk of being grey-listed by the Financial Action Task Force, a global money laundering and terrorist financing watchdog.
This is after the country was found lacking in its anti-money laundering and terrorism financing controls.
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