Money laundering, terrorism financing pose threat in Sadc
The permanent secretary in Tanzania’s ministry of Finance and Planning, Doto James, officiating the meeting of Sadc Finance ministers and central bank governors in Dar es Salaam yesterday. PHOTO | CORRESPONDENT
What you need to know:
Money laundering and financing of terrorism are feared to scare investors in the Sadc region.
Dar es Salaam. The Southern African Development Community (Sadc) warned that the challenges of money laundering and financing of terrorism among member states would scare aware investors, if not addressed apace.
Finance and Planning permanent secretary Doto James - who currently doubles as the chairman of permanent secretaries for Finance ministries in the Sadc - called for coordinated efforts among the 16-member bloc to surmount the problem sooner than later.
He was officiating a two-day meeting of top officials from Finance ministries and central bank governors from the Sadc region.
“The challenges are impeding investment promotions in the region. We need to act now,” said Mr James ahead of the Sadc meeting of the committee of ministers of Finance and Investment, and the Peer Review Panel in Dar es Salaam tomorrow.
The challenges have put some Sadc member countries on the lists of countries slapped with international economic sanctions for failing to meet the Financial Action Task Force conditions, he added.
“The situation may lead to the slow attainment of the region’s agenda,” said the Permanent Secretary.
“I urge member states to come together and exchange experiences on how best to overcome the challenges.
The two-day meeting - which is being held virtually - is attended by Sadc central bank governors, experts and senior economics officials.
The meeting discusses, among other things, the agenda agreed during the ministerial committee on Finance and Investment that was held in Windhoek, Namibia in 2019.
It will also discuss the Sadc Regional Development Fund and economic challenges grappling the region. These include - but are not limited to - budget constraints.
In March this year, the Sadc Council of Ministers endorsed a $94.310 million budget for the 2020/21 financial year.
The priorities for the fiscal year include industrial development, road infrastructure construction, defence and security, and improvement of social services such as health, education, gender and the environment.
