Posted in: Local News

Article Date: Oct 18, 2010 - 3:02:56 PM

http://www.yobserver.com/local-news/10019941.html

The chairman of Studies and Economic Media Center (SEMC), Mustafa Naser, demanded Yemeni banks to establish independent units that have the extended authority to combat money laundering and the funding of terrorism.

In cooperation with Middle East Partnership Initiative (MEPI), SEMC has implemented a training course on anti-money laundering and funding for terrorism  in Yemeni banks on Saturday 16- 18 October.

An official from MEPI said in the opening ceremony of the training course that the efforts exerted by SEMC to enhance combating money laundering and terrorism funding target to reduce risks of this phenomena. In doing so, Yemen will gain a good regional and global reputation that facilitates financial institutions and banking to merge with regional and global economy.

“We target banks in the training course because they form the starting point for strengthening an integrated transparent system in accordance with international standards for combating money laundering and terrorism funding.

The Project coordinator Mohammed Frhan said that the course aims to grant participants with skills on international criteria of anti-money laundering and terrorism funding they can use in Yemen and the global financial world.

“The government pays great attention to the issue of combating money laundering and terrorism funding which constitute a great danger to national economy,” said the Chairman Anti-Money Laundering Committee (AMLC).

The training course will last for three days and all Yemeni banks will be participating.