Well-governed financial institutions are key building blocks of a transparent banking sector in compliance with best international practice. This was highlighted by a workshop about anti-money laundering (AML) and combating the financing of terrorism (CFT) hosted by the European Bank for Reconstruction and Development (EBRD) and the Palestinian Monetary Authority (PMA) in Ramallah.
In six sessions and over two days, more than 90 participants from 14 local financial institutions completed a number of case studies developed by an international expert, focusing on the internal control framework used to identify, rate, assess and mitigate risk.
Participants and international experts explored the challenges of developing and strengthening risk-based AML and CFT controls, covering topics including monitoring and analysing the customer base, creating a methodology to identify money laundering and terrorist financing risk, and defining the systems needed to capture this risk.
In 2017, the EBRD started investing in the West Bank and Gaza. To date, three projects have been signed for a total amount of €14 million.