Tackling money laundering vital for investor confidence

Plans by the government to launch a campaign aimed at curbing moneylaundering underlines the country’s commitment to tackling the vice. The campaign follows the setting up of the financial intelligence unit advisory board, in June, this year, following the promulgation of the anti-money laundering and combating financing ofterrorism law in 2008. Although cases of money laundering are rare in Rwanda, the International Monetary Fund (IMF), recently, warned about possible consequences of money laundering and terrorist financing on its members’ economies and financial stability. And with the current rapid economic development, coupled with advancement in ICT, as well as frequent international capital flows, the country is not immune from the vice, which involves concealing the source of money to obscure the link between the funds and the original criminal activities, like drug trafficking and smuggling. The campaign will help sensitize the public (business community) about the issue and the existing deterrence, encouraging them to share information on suspicious transactions across borders. This will raise confidence among local and foreign investors, hence encouraging foreign investment and international capital flows. The initiative will also raise the integrity and profile of the country’s financial system, which IMF and the World Bank currently rank as one of the most stable. Ends

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Tackling money laundering vital for investor confidence