Economic professionals from private and public institutions have been challenged to use their expertise to help combat money laundering and financing terrorism crimes.

The twin challenges continue to threaten the stability of the financial system and national security at large, the Vice Governor of the National Bank of Rwanda (BNR), Monique Nsanzabaganwa, said Wednesday.

She was addressing hundreds of local and international economists during a two-day training conference by the Institute of Certified Public Accountants of Rwanda (iCPAR) that took place in Rubavu District.

She noted that money laundering is increasingly affecting the global economy, stressing that the economists, who act as gatekeepers of financial institutions, can play a crucial role in curbing it.

"You have special a role as gatekeepers of the financial institutions; protecting them from money laundering and financing terrorism crimes and in this role you need to uphold ethical standards, integrity, due care and due diligence,” Nsanzabaganwa said.

"These professionals who happen to be both reporting on financial matters in different financial institutions have really (got) to be able to guide and advise institutions to see on the loophole and make sure that the compliance of those institutions vis-à-vis anti-money laundering and combating the financing of the terrorism is really upheld.”

Nsanzabaganwa challenged the accountants to avoid misusing your expertise by supporting criminals, concealing fraud acts, facilitating tax avoidance or hiding any information that may give advantage to criminals or criminal acts.

"By doing this, you would be liable for the same crimes yourselves,” she cautioned. "We expect of you to have a deep understanding of the issues our financial sector faces, old and emerging ones, and to report accurately on them.”

The central bank vice governor noted that while Rwanda aspires to establish itself as an international financial centre, the role of professionals such as accountants, tax advisers, and trust and company service providers is critical to achieve this vision.

Patrick Uwizeye, the iCPAR president said economic professionals understand their role towards combating money laundering and other crimes which hurt the national economy.

"We are equally concerned with anti-money laundering or combating financial terrorism, [crimes] which cannot happen if members of our professional are not involved in one way or the other,” he stated.

Uwizeye went on to say that economic professionals are keen to work closely with government, regulators and other stakeholders towards combating money laundering and other key public interest matters.

The iCPAR training conference brought together more than 300 economic professionals who include captains of industry, chief finance officers, board members’ auditors, accountants, financial analysts, investment advisors and managers among other participants who hailed from across the country and beyond.

editor@newtimesrwanda.com