Money laundring workshop concluded [Archives:2003/696/Local News]

By: Ridwan al-Sakkaf
Yemen Times- Aden Bureau
Organized by the Central Bank of Yemen and the National Bank of Yemen and in cooperation with the Institute for Banking Studies, a 4-day (13-16 Dec.) workshop has been held in Aden on money laundering eradication in Yemen.
Coming from all around the republic, 150 of interested staff and managers from various banks, insurance companies, tax and customs, the general body for Aden Free Zone, criminal investigations management and the general attorney participated in the workshop.
In the workshop, 12 working papers were presented and discussed on the role of monetary sector in Yemen in fighting money laundering and the ways and means to discover such illegal acts, as well as how to set up the necessarily precautionary measures to control and stop it. Dimensions of money laundering and its effects on economy, politics, and financial and legal issues nationally and regionally were also discussed in the workshop.
In the conclusion of the workshop Dr. Yahya al-Shuaibi governor of Aden said: “I hope that the participants have benefited from this workshop and that the recommendations and suggestions resulting from it are taken seriously and into implementation. And I hope that we continue to conduct similar events in other governorates so as to detect and make aware about this dangerous phenomenon and its negative effects on the national, regional and international economy. I hope that upon doubt, concerned people directly report any suspected money so that we are able to stop this phenomenon.” Dr. al-Shuaibi also expressed his appreciation of all who have worked together in making this event a success.
Mr. Muqbil al-Qawsi general manager of the Central Bank of Yemen also delivered a speech in which he emphasized on the importance of such workshops and to expose this phenomenon which is spreading widely around the world. He added that this is a significant workshop especially that it is being conducted for the second time after the success of the first workshop organized about the same topic.
Mr. al-Qawsi pointed out that law No. 35 for year 2003 has criminalized money laundering and stated on establishing a national committee for combating it and this comes in line with instructions and supervision carried by the Central Bank.
Recommendations issued by the workshop were read out to the participants and which were about four main issues, legal issues, money & finance, information and security. The recommendations are briefly described below:
The participants view the issuing of legislation No. 35 for year 2003 represents a significant leap in eradication of money laundry. And it also contributes to endorsing Yemen's position in international alliances and so the participants demand the completion of the structural and legislative frames of the law through formatting money laundering eradication committee and issuing the executive board of the law.
The participants see that the essence and value of this law is in execution therefore they demand the immediate implementation of the law.
The participants stress on the importance of establishing an information system and effective monetary measures that prevent any monetary institution from using and getting involved in money laundering.
The participants encourage the monetary institutions to report any suspected money.
The participants are eager to enhance the awareness among the concerned authorities in particular and in the society in general about the threats of money laundering and their negative effects and how to fight this phenomenon.
The participants emphasize on the importance of the Central Bank and other monetary intuitions and related organizations to carry out training courses, and programs for the personnel.
The participants see the necessity of the information unit joining the international monetary investigation unit.

On their part, the participants expressed their great appreciation and thankfulness to Dr. al-Shuaibi for sponsoring the workshop and also of the Yemeni Central Bank represented by Mr. Ahmed al-Samawi. And also to Mr. Abdulrahman al-Kuhali head of the administrative board of the Yemeni Public Bank and all staff for their support and hosting of this event and their efficient organization of the workshop.
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