The Nation Newspaper

Tag: money

  • US. posts $98b budget deficit in July

    The United States ran a budget deficit in July, although government revenues increased from a year earlier due to tax hikes and a strengthening economy, a report from the Treasury showed on Monday.

    The U.S. government spent $98 billion more than it took in last month, with the deficit driven by spending on healthcare programs, pensions for the elderly and the military.

    Analysts polled by Reuters had expected deficit of $96 billion.

    The United States customarily runs deficits in July as there are few tax deadlines during the month.

    The country has run full-year budget deficits continuously since 2001, and the amount of red ink has grown immensely since 2009 when a surge in unemployment fueled higher spending on the social safety net.

    But this year, the deficit appears on track to narrow substantially.

    One major reason is that Washington ratcheted austerity efforts by raising tax rates, which has helped tax receipts. It has also slashed the federal budget, although in July total spending rose to $298 billion from $254 billion in the same month of 2012.

    Another factor that has been leading to a lower deficit is the steam that appears to be gathering in the U.S. economy. That is also lifting tax receipts, which rose to $200 billion in July from $185 billion in July last year.

    So far in the current fiscal year, which began in October, the federal government has run $607 billion into the red, a narrowing from the $974 billion deficit chalked up in the same 10 months of fiscal year 2012.

  • CBN plans special vehicles to drive mortgage firms, MfBs

    Why is the property market not well funded? It isbecause of the dearth of long-term funds, says the Central Bank of Nigeria (CBN).

    Acording to a Financial Stability Report released by the CBN, the dominance of short-term funds has led to a mismatch between the long-term mortgage assets and short-term-oriented liabilities of primary mortgage banks (PMBs).

    To address this problem, the CBN is promoting the establishment of a mortgage re-finance company (MRC) in collaboration with other stakeholders.

    According to the report, the real-estate sector contributed 1.73 per cent to the Gross Domestic Product (GDP) last year. Credit to the real-estate sector declined to N376.6 billion in December last year, from N380.7 billion at the end of June that year. The quality of the exposures measured by the ratio of the sector’s non-performing loans (NPLs) to total credit, however, improved to 3.1 per cent as against 4.2 per cent during the same periods.

    As part of efforts to address the disparity between long and short-term funds, the CBN is collaborating with other stakeholders. The PMBs are also being repositioned to serve as veritable channels for mortgage/housing finance and home ownership. The MRC will provide short-term liquidity and long-term funding or guarantees to mortgage originators and housing finance lenders. It will also serve as a catalyst for the development of the secondary mortgage market and a precursor to mortgage-backed securitisation.

    To minimise the risks associated with the operation of MRC and ensure it remains mission-focused, the Regulatory and Supervisory Framework for the operation of MRC has been drafted, in collaboration with the World Bank, the report said.

    The CBN is also planning to launch a Microfinance Development Fund (MDF) for microfinance banks (MfBs) the sector’s capability to grant loans.

    CBN Director, Other Financial Institutions Supervision Department (OFISD), Olufemi Fabamwo, at a confab for the MfBs in Lagos said the MDF was a pool of funds created for MfBs to enhance their lending.

    He said part of the criteria to access the loan include show of track-record of good performance and low loan default by operators. This, he said, would show that beneficiaries have the capability to lend to MfBs.

    The CBN, he said, would provide guidelines on how the fund will be accessed by beneficiaries, adding that the delay in not releasing the fund is to ensure that appropriate frameworks are in place. The CBN reiterated its commitment to deepening the financial system by providing loan and introducing new products and appropriate control structures.

    The MDF, when established, would assist in addressing the challenges of underfunding for microfinance institutions. It will further complement past and current efforts aimed at strengthening the microfinance sub-sector; improve financial inclusion and the Gross Domestic Product (GDP).

    The structure of commercial banks’credit as at December last year showed that short term maturities remained dominant. Outstanding credits maturing within one year accounted for 57.6 per cent, compared with 59.1 per cent at the end of the first half of last year.

    Similarly, deposits below one year constituted 97.5 per cent of the total, of which 76.31 per cent had maturities of less than 30 days, while long-term deposits constituted only 0.01 per cent.

    “In addition to the consequences of the maturity mismatch, the near-absence of long-term deposits continued to constrain the ability of banks to create long-tenored risk assets crucial for economic development,” the report noted.

     

  • Despite difficulties, oil giants sink more money into the economy

    Despite difficulties, oil giants sink more money into the economy

    For some time now, oil giants, such as Shell, Total, ENI and Chevron, have been complaining about the difficulties of working in the Niger Delta, but as the Associated Press reports, they are sinking more money into the country

     

    Nigeria is something of a trouble spot for the oil industry. Though Africa’s largest oil producer, blessed with ample hydrocarbon resources and a large infrastructure network, security problems in the country’s oil-rich Niger Delta plague companies operating in the region, causing frequent supply disruptions.

    The earnings reports of Europe’s oil majors this quarter were littered with references to the difficult operating environment in the country and the impact oil theft and sabotage has had on companies’ production.

    However, a quick run-down of the figures suggest things aren’t actually that bad.

    Italian oil major Eni SPA (E) lost just 30,000 barrels a day of oil equivalent in the first half of the year as a result of oil theft and flooding in Nigeria, that’s equivalent to 2% of the company’s overall production in the period. France’s Total SA (TOT) said increased incidences of theft and sabotage in Nigeria had offset an increase in production as a result of better security in Yemen in the second quarter of the year, but at the same time, the restart of the country’s Ibewa field helped boost output by 2%.

    Even Royal Dutch Shell PLC (RDSB.LN), which said it lost 100,000 barrels of oil equivalent a day in the second quarter due to the deteriorating security situation in Nigeria, only took a $250 million hit to its earnings as a result of the disruptions. That’s peanuts when compared with the $2 billion write-down it took on the value of its shale assets in North America.

    Royal Dutch Shell posted a drop in its 2013 second quarter profit to $4.6bn, compared to $6bn in the same period of 2012, primarily due to oil thefts and gas supply disruptions in Nigeria and the weak Australian dollar.

    Shell CEO, Peter Voser, said oil theft and disruptions to gas supplies in Nigeria are causing widespread environmental damage, and could cost the Nigerian Government $12bn in lost revenues per year.

    “Higher costs, exploration charges, adverse currency exchange rate effects and challenges in Nigeria have hit our bottom line. These results were undermined by a number of factors – but they were clearly disappointing for Shell,” Voser added.

    In June, the company said it was considering the further sale of assets in the eastern Niger Delta, where it has security problems.

    “On a current cost of supplies (CCS) basis, the company’s earnings were $2.4bn for the second quarter of 2013.”

    Voser further said Shell could not solve its problems in Nigeria by itself and needs the support of the government.

    The company recently launched strategic portfolio reviews in both Nigeria onshore and North America resources plays.

    Cash flow from operating activities for the quarter was $12.4bn, compared with $13.3bn in the same quarter of 2012, while capital investment for the second quarter of 2013 was $11.3bn.

    The company has completed divestments worth $21bn in the last three years and some $4bn in the last year alone.

    Meanwhile, even as companies loudly publicise the difficulties of operating in Nigeria, they’re sinking more money into the country.

    In June, Total said it had got final approval to develop Egina, an oil field in deep water offshore Nigeria that the company predicts will produce 200,000 barrels a day.

    Shell, which has sold off several of its assets onshore Nigeria in recent years, has also made fresh commitments to the country. The company’s planning on spending $1.5 billion to build a new and more secure loopline for a major pipeline in the Niger Delta and a further $2.4 billion on five new gas projects in the country. It has also expressed interest in buying several oil licenses Chevron Corp. (CVX) has put up for sale.

    So despite the various difficulties, the European oil majors aren’t jumping ship. But they are looking to move their money into assets less easily targeted by oil thieves and saboteurs.

     

  • Customs appoints bank revenue collector

    Customs appoints bank revenue collector

    The Nigerian Customs Service (NCS) has appointed Heritage Bank as a designated Customs duty collecting bank.

    In a statement, the bank said the move was designed to further strengthen the services’ renewed drive for improved revenue generation.

    It explained that the decision followed an agreement between the NCS and the bank’s management on the issue.

    “With its recent successful deployment of the world acclaimed Finnacle 10 banking software, Heritage Bank announced a strong intention to crystallise a robust branchless banking platform that is highly technology-driven while promoting business efficiency across many frontiers,” it said.

    Heritage Bank’s Executive Director, Niyi Adeseun, promised a revolution in duty collection administration in the country. He noted: “Heritage Bank is established on the premise of innovation, partnership and sustainability and this is a cardinal idea we bring to bear on all our engagements.”

     

     

  • Foreign exchange inflows drop to $3.2b

    Foreign exchange inflows drop to $3.2b

    The Federation Account Allocation Committee (FAAC) vote between January and last month was N3.3 trillion, analysts at Standard Chartered Bank (SCB) have said.

    The figure represented an increase of 13.74 per cent against that of the same period in 2011.

    Regional Head of Research, Africa at SCB, Razia Khan said in an emailed report titled: ‘Nigeria – The political cycle and policy’ that the FAAC hike may be seen as further evidence that Nigeria’s political cycle is starting to have more of an influence. She also ruled out possibilities of carrying out Gross Domestic Product (GDP) rebasing before 2014, a process that will enhance the economy.

    She said despite the success of Nigeria’s recent Eurobond issuance and a reduced domestic issuance calendar for third quarter, concerns persist over the broader fiscal backdrop.

    “Even improved budget implementation is a source of concern. Commentators are unsure if this reflects more efficient spending, or pressure to spend more. In first quarter of 2013, government revenue was reportedly 12.6 per cent lower, while spending rose 15 per cent,” she said.

    Khan explained that increased military spending following the state of emergency in the Northeast should be met by a contingency reserve adding that further escalation may put pressure on spending plans.

    She said Nigeria’s $284 billion GDP is expected to be rebased by early 2014, a process that will lead to about 40 per cent upward revision in the country’s national income.

    The GDP is the market value of all final goods and services produced within a country, calculated using product, income and expenditure approaches. The real GDP is one that is adjusted for inflation while nominal GDP is the value of goods and services based on current market prices.

    Khan said in the near-term, Nigeria economy faces some risk which may lead to growth slipping to six per cent. She said although rebasing of the GDP will support the much needed growth and provide analysts with more accurate sectoral shares, it will not happen until 2014.

    Khan also expressed concerns about Nigeria’s political cycle and spending pressures. “There is a risk that elections, due in 2015, are brought forward, allowing for any legal disputes to election results to be settled ahead of a May 2015 transition. If this is the case, spending may rise meaningfully ahead of party primaries which would be held in early half year 2014,” she said.

    She said weaker oil output relative to ambitious budget targets risks fiscal deterioration, with Nigeria dipping into its oil savings. With only modest spending increases envisaged in 2013, a budget deficit of 2.17 per cent was initially forecast.

    However, oil production, reportedly averaging 2.1 to 2.2 million barrels per day (mbpd), has fallen short of the 2.53 mbpd assumed in the 2013 budget. In June, output may have hit a low of 1.9mbpd. This, she insisted, has necessitated more frequent augmentation of revenue from Excess Crude Account (ECA).

    “Dipping into oil savings to finance spending may result in a narrower budget deficit for 2013. Despite the success of Nigeria’s recent Eurobond and a reduced domestic issuance calendar for third quarter 2013, concerns persist over the broader fiscal backdrop,” she said.

    Khan explained that given anticipated pressure on future inflation, forecast of a 100 basis points (bps) rate hike in first quarter of 2014, followed by hikes of 50bps each in third quarter and fourth quarter 2014, with the interest rate raised to 14 per cent by end of 2014 is a possibility.

    Nigerias plans to change its GDP base year to 2008 from 1990, thereby boosting its nominal GDP. By carrying out the exercise, Nigeria will be emulating Malaysia and South Africa which rebased their GDPs from 2000 to 2005 each and Ghana from 1993 to 2006.

    The Gross National Product (GNP) measures the value of goods and services produced by a country’s citizens regardless of their location while Gross National Income (GNI) is GDP plus income receipts minus income payments from the rest of the world.

     

  • Forex forms, others for automation

    Forex forms, others for automation

    The process of getting foreign exchange Forex Forms ‘A’ for invisible trade transactions, form ‘NXP’ for export and form ‘NCX’ for non-commercial exports fully automated has begun, the Central Bank of Nigeria (CBN) has said.

    Speaking at the GTBank Settlement Customer Forum in Lagos, CBN Director, Trade and Exchange, Musa Batari, said with globalisation and development in information, communication technology, trade settlements have been enhanced and documentation partially made electronic.

    He said to address the challenges of documentation, the CBN started automation of some of the Forex Forms. The form ‘M’, which indicates the intention to carry out import transaction, was automated last December.

    This, he said, was achieved with combined efforts of the CBN, banks, Messrs Webb Fontaine, Nigeria Customs Service and Federal Inland Revenue Service.

    Already, the CBN has announced the commencement of self-submission of the e-Form ‘M’ on the Nigerian Single Window for Trade Portal by importers and traders using foreign exchange.

    It said the self-submission was necessary after the banking watchdog successfully deployed trade portal.
    The e-Form ‘M’ is web-based and allows importers, traders to initiate the Form from their offices/homes and submit same to the authorised dealer.

    The CBN advised importers and traders to begin self-submission of the e-Form ‘M’ on the Trade portal in line with design and objective of the scheme.

    The e-Form ‘M’ is completed by importers while bidding for foreign exchange for importation of goods. Before now, Form ‘M’ was manual, making it difficult for banks to process forex transactions for their customers.

    He said the full automation gives banks the opportunity to adapt fully to the process and master the challenges that come with the e- version of the process.

    Despite the achievement of full e-version of the process, Batari said banks still face challenges bothering on Tax Identification Number (TIN), discrepancies in e-mail address, network instability, high down time frequency among other factors.

    “The automation of the e-forms will enhance transparency; reduces cost transaction; eliminate delays; provide reliable data for monitoring and planning purpose; and achievement of overall efficiencies of trade processes,” he said.
    Batari advised importers to ensure that they have valid TIN, e-mail address provided at the point of registration, which should be maintained to avoid problems in completing the form. Besides, he said the vendor and other stakeholders should ensure the stability of the system to avoid disrupting the processing of trade transactions.

    He explained that the process allows the importer to complete and submit the form ‘M’ online.  It also allows for the attachment of supporting and regulatory documents. For Initiation and Submission of the e-Form M on the system, TIN is required to access and register the e-Form M on the system.

    He said importers with valid TIN can access the Single Window Trade Portal and register as importer under the Federal Inland Revenue Services window.

    Batari explained that international trade is the exchange of goods and services. It therefore, implies that settlement has an important role to play in trade. “The banks are the major institutions responsible for settlement of trade transactions except where such trades are done informally. The health of the banking industry is a necessary condition for enhancing and fostering trade,” he said.

  • Seadogs donates mobility canes

    The President of the National Association of Seadogs (Pirates Confraternity), Abia State chapter Okechi Utah, has advised visually-impaired persons not to be deterred by their situation but strive to attain the highest position in the society.

    He said they could only achieve this when they take their studies serious, noting that education is the best avenue the less privileged can explored to greater heights.

    Okechi gave the advice in Umuahia while handing over 60 mobility canes and T-shirts donated by the group to the inmates of School of the Blind in Afara, a suburb of Umuahia.

    He noted that it was by acquiring formal education through self-determination that they could realise their life regardless of their visual disability.

    He said: “In any little way we can, we want to say we are with you. We are your brothers and your sisters. It is in line with our tradition of identifying with the people in the society we feel are in need of assistance and encouragement that we have come today.

    “The T-shirt we have given you has an inscription: ‘blind with vision.’ Though you are blind, that does not stop your vision of becoming what you want to be in life. So, we want to encourage you to utilise very well whatever opportunity you have been given to acquire formal education.

    “What you are may be a temporary setback; that should not deter you from realising you goal in life. God who created you knew what you, will be from your mother’s womb and whatever God has ordained for you, you would accomplish.”

    Utah also presented some quantities of Braille books.

  • When will Africa’s time come? (2)

    Sometimes, I wonder what kind of spirit drives some people who claim to be ‘leaders’ of their communities and societies to be so heartless to the same people they claim to lead. It must be an evil spirit indeed. We know every leader cannot be like Nelson Mandela, one of the most selfless and venerated leaders the world has ever seen. But a little bit of human feeling and empathy for the people should not come amiss.

    That is something the 21st century Africa expects, no, demands from those who are leading it or aspire to. Some of our forefathers of old who connived with the white slave traders centuries ago to sell off our people who were in their prime, could be excused for their ignorance and misplaced greed. The same cannot be said of the so-called ‘big men’ of today; especially those in political positions whose decisions impact on the lives of millions. The stakes are much higher now than before as the continent continues to lag behind the rest of the world, wearing its ‘basket case tag’ like a trophy.

    We need to ask ourselves why beautiful Africa, the most resource rich continent in the world is so helpless and deprived and relies on hand-outs from the West to survive. This question is more apt today as a new world order is emerging. This order is seeing economic power shifting from the Western world that had been enjoying economic boom and world dominance for centuries, to a different zone: the South particularly Asian countries.

    These countries and other emerging markets have acquired Western technology (either by buying, stealing or other means) and are now producers rather than consumers of Western products. The West, hitherto the world’s supplier of goods, hardly produces anything anymore. I remember as a child that most of the gadgets and personal items like electronics, clothes even imported tinned foods we used at home, were either made in England, Germany or the U.S. But go to the U.K today and visit any of their shops. Nearly all the products there are either made in China, Japan, Indonesia, Malaysia or other Asian countries.

    Any surprise then that many Western, so-called developed countries are stone broke? The U.S is indebted to the tune of about 16 trillion dollars and the U.K over a trillion pounds. Many E.U countries such as Ireland, Greece, Portugal, Spain and Cyprus have had to be bailed out to avoid economic collapse. In Greece, families there are having to put their children into orphanages because they can’t afford to feed them. It’s that bad.

    The Asians have wised up and are beating the West at their own game. So where is Africa in this new world order, that is seeing a power shift from the West to other parts of the world? No where to be found except when it comes to corruption, wars and disease!

    While the Asians especially the Chinese, who have become the ‘factory of the world’, are using their new technological prowess to advance their economies, develop their infrastructure and improve the quality of life of their people, many African leaders and others in decision-making positions (who have replaced the white slave masters of old and their black collaborators) behave as if there’s nothing at stake. They continue to loot their people’s resources which they cart abroad, leaving the people in poverty.

    Here’s a word for these treasury looters: stealing your people’s money and siphoning same abroad is so ‘old school and 19th century mentality’, you are beginning to look like buffoons before the rest of the world. It’s time to wake up and join the rest of the world in this century. Remember, the same thing happened to the people of Europe and America in the past, where their wealthy and ruling class woke up one day and realized that they could not sleep well at night or enjoy their wealth in peace when the teeming poor around them were kept awake at night by hunger and deprivation. It was then they conceived policies that would turn around their societies to become the ‘advanced’, developed places they are today.

    The Asians, having realised that change within their societies can only come about through their own efforts, have woken up and ‘smelt the coffee.’

    It’s Africa’s time to do the same. Our ‘basket case’ days have lasted too long.

    •Concluded

  • Your passion should give you money and joy

    Your passion should give you money and joy

    Ochee Bambgoye is a development consultant and CEO of Oye Dynamix. Over the years she has helped to train a number of entrepreneurs on how to develop business models that are indigenous. The co-founder of Oye Institute speaks to Yetunde Oladeinde on how the institute was set up to facilitate African models of excellence looking at issues like goal-setting, time management, performance monitoring and developing excellence, as well as her personal life-experience.

     

    WHAT is your organisation all about?

    We are a human capital growth consultancy organisation. We concentrate on growth aspect of life like talent management, learning and development strategies, human resource audit and we are particular about research and leading thoughts on attitudinal change and basic transformation that is relevant to developing people in Nigeria and Africa. We work with several partner organisations in Nigeria and outside the country. We also make sure that the interventions are home-grown and targeted at Africa.

    Can you tell us also about your antecedents?

    I started out as a lawyer and trained in Nigeria and the United Kingdom. I worked with government in the UK and while I was in government I realised that there was a lot of emphasis on monitoring performance for improving and developing excellence. All the systems and structures are used for a continuous appraisal system.

    It is quite different from what we have here, where people just take from areas that do not concern them and apply it. I also worked at the local governments in the London Bureau of Camden, Harrow and the Citizens Advise Bureau.

    What was the experience you gained from these organisations?

    The experience helped me to develop a multiple approach to problem solving. I came with my values from Africa and it made me gain from others too. As a person, you need to always add to yourself and be refined.

    What projects did you handle then?

    I have done a lot of human capacity building for government. I was involved in the transformation project for the Ministry of Education under Oby Ezekwesili. Our achievement was in diagnosing and developing a rapid assessment into the capacity issues of the public service. It made us to realise that there were poor stakeholder’s management, and information sharing was the key problem. We tried our best but it wasn’t easy to change the process totally. I wish that I could have changed the attitudes of the personnel. What I noticed was that there were lots of public officers who were working hard but because of the promotion system in the service they were discouraged.

    People with competence felt cheated and discouraged because those who didn’t contribute got promoted. So what happened was that those who could deliver decided to down tools. There was no incentive, and a competency-based promotion system would have solved that. At that point, Oronsanye was in the civil service and he tried to change the statuesque but there were a lot of protests. Most of the things he did were part of our diagnosis.

    What was it like working with Oby Ezekwesili then?

    Oby was and is still a fantastic woman to work with. She is one person who is not afraid to say her emotions the way it is. When she is happy or sad you will know. She is also not afraid to tell you how she feels about something, whether it’s black or white. For me, Oby is integrity personified, and unfortunately for her, she was dropped in a 99 per cent corrupt environment. She is also a highly spiritual woman and she has been able to balance both.

    As a wife of a pastor, some people thought that they could use this to massage her ego to get what they wanted but it didn’t work. She is transparent and if you tell her something about me, she would call the two of us and throw it open. It was a great experience working under her. Then I was the team leader for capacity building.

    How would you describe women and leadership in Nigeria today?

    For this, I would say that we have come a long way. Right from the outset when women started looking for a paradigm shift, they understood that they couldn’t do without men. So they worked hand in hand with the men and they empowered a lot of women in the process. Also the political parties have seen the value of women too. At that point, they were asking for 35 per cent of women and they got it during the last elections. People like Kema Chikwe is working towards 50 per cent and women in the different parties are doing well.

    What do you expect from women during the 2015 elections?

    A strong evidence of women’s inclusion. It would be nice to have a female senate president or vice president. We have a programme for women coming up on the 25th of April and the objective is to help women develop a healthy balance between their professional success and personal fulfillment. It is called the Oye Women’s conference and it would take place at the Metropolitan Club in Lagos. Other partners include ACCA, an accounting firm, Ifeoma Williams, Nkiru Asika and Ndidi Nwunelli who will be talking about the success story of her organisation, a food processing company. It is actually a social responsibility programme and our contribution to society. It is our own way of creating awareness with practical case studies on how people made it in their businesses. You have a number of people who have a job and they are making money elsewhere. But you should be making money where you work. So why is there a disconnect? Why can’t your passion give you money and joy? The truth is that a lot of people are not satisfied with their jobs.

  • KYC will help to tackle money laundering, says agency

    The ‘Know Your Customer’ (KYC) requirements for Designated Non-Financial Businesses and Professions (DNFBPs) will help in tackling money laundering, the Inter-Governmental Agency Against Money Laundering and Terrorism Financing (GIABA) has said.

    KYC in banking parlance refers to customers’ due diligence that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing business with them. It is aimed at correcting the anomalies in financial transactions.

    In a circular last month, the Central Bank of Nigeria (CBN) extended the deadline for the exercise to April 30, following representations made by stakeholders.

    GIABA Director-General Dr Abdullahi Shehu said the KYC initiative is key to the reduction of fraudulent practices in the industry.

    He said the idea would help financial institutions and DNFBPs to check money laundering.

    He said banks and designated non-financial institutions have taken preventive measures to tackle money laundering, adding that they would do more in view of KYC initiatives introduced by the banking regulators.

    The financial intelligence unit in Nigeria, among other countries in West Africa, he said had been operating sub-optimally, stressing that the development has affected the capacity of the country to tackle money laundering and its associated offences.

    Shehu said Nigeria and other member-states must demonstrate strong political will before they can effectively implement laws on anti-money laundering terrorist financing. He said the measures would deepen regional integration in line with the Economic Community of West African States’ (ECOWAS) Vision 2020 agenda to have crime-free society.

    He said Nigeria, among other countries, are still struggling with the implementation of the Financial Action Task Force (FATF) standards, adding that poor compliance is a pointer to the level of vulnerability of the financial systems to money laundering and other related crimes.

    GIABA, he said, has been providing technical assistance to member states and civil organisations to fight the crimes, stressing that the regional body has delivered on its mandates to curb money laundering activities.

    He said the body included tax crimes as a new predicate offence, adding that the revised Standards places emphasis on continuous monitoring; identifying risks, developing policies and ensuring domestic coordination of money laundering programmes.