By Staff Writer
South Sudan government is intensifying its initiatives to eradicate financial crimes and curtail money laundering as a critical component of its broader economic reform strategy.
Dr. Benjamin Bol Mel, the Vice President and chair of the Economic Cluster, and Commissioner John Daniel Kipa of the Financial Intelligence Unit (FIU) met to explore ways to enhance the nation’s ability to address illicit financial activities, particularly focusing on issues such as money laundering and the financing of terrorism.
During the discussion, Dr. Mel underscored the pivotal role that the FIU plays in safeguarding the integrity and stability of the country’s financial ecosystem.
He highlighted the necessity for full adherence to the established Money Laundering and Counter-Terrorism Financing (MLCTF) regulations, which are designed to bolster transparency and accountability within financial transactions.
Dr. Mel cautioned that any violations of these regulations—including illegal accumulation of cash, tax evasion, cross-border smuggling activities, and participation in the black-market foreign exchange trading—would incur severe penalties and could lead to prosecution, emphasizing the government’s zero-tolerance stance towards such illegal practices.
The Financial Intelligence Unit plays a vital role in gathering, analyzing, and disseminating financial information to combat financial crimes.
FIU Executive Director Dr. Abraham Telar reiterated the unit’s unwavering commitment to bringing South Sudan’s financial operations in line with international standards.
He expressed optimism regarding cooperative efforts to strengthen regulatory frameworks and improve monitoring systems, thus ensuring a more resilient and compliant financial environment.