The ‘Anti-Money Laundering( AML)/Combating the Financing of Terrorism (CFT) Guideline’ was issued in accordance with Regulation 5(1) of L.I.1987.
The duties of the Anti Money Laundering officers include:
* Developing an AML/CFT compliance programme
*Receiving and vetting suspicious transaction reports from staffs
*Filing suspicious transaction report with FIC
*Ensuring that the financial institution’s compliance programme is implemented.
*Coordinating and training of staff in AML/CFT awareness, detection methods and reporting requirements.
*Serving both as a liaison officer with the BoG and FIC and a point of contact for all employees on issue relating to money laundering and terrorist financing.
To carry out their duties effectively, the constituted authority (FIC&BoG) has urged that the AML officer should be equipped with the relevant competence authority and independence to implement the institution’s AML/CTF compliance Program.
A Memorandum of Understanding (MoU) will be signed with Cameroon on information sharing relating to money laundering as similar collaboration has been made with Togo and Burkina Faso.
Meanwhile, the Chief Executive Officer (CEO) of the Financial Intelligence (FIC) revealed that since the inception of the FIC in 2010, the center has received a total of 206 suspicious Transaction Report (STRs) worth $6 million out of which 85 have been disseminated to the appropriate authorities as intelligence.
FIC is an administrative body and not a law enforcer. It sends intelligence to law enforcement agencies to conduct further investigations