Capacity Building

Money Laundering and Terrorist Financing have significant economic and social consequences for developing countries. In most jurisdictions, Non-Profit Organizations (NPOs) have been used as conduits to perpetrate money laundering activities, facilitate the financing and promotion of terrorism as well as other types of crimes due to peculiar characteristics of these organisations. 

NPOs have access to huge funds as most of their activities are geared towards receiving donations from benevolent persons and entities to support their operations.

In collaboration with the Department of Social Welfare, the FIC organized sessions of sensitization programmes for the NPO sector in the Northern and Southern part of the country from April 8-12, 2019. The objective of the training among others, was to:

  • increase awareness, knowledge and understanding of potential ML/TF risks.
  • enable participants to understand the need to conduct Know Your Donor /Donor Due

Diligence (KYD/DDD) as well as Know Your Customer/Customer Due Diligence (KYC/CDD) on beneficiaries.

  • highlight AML/CFT reporting obligations under the AML Act.
  • enable participants to identify red flags of money laundering/terrorist financing.
  • encourage participants to observe record keeping requirements under the Act.

One hundred and eighty eight (188) participants were in attendance.