Panama: Introducing International Budget Standards
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Panama is in the process of developing its fourth Open Government Partnership (OGP) Action Plan. As part of this Action Plan, the Ministry of Economy and Finance (MEF) and civil society organizations (CSOs) are discussing how to increase fiscal transparency and public participation in the budget process. To help inform the conversation and ensure the OGP commitment follows international standards for fiscal transparency, on June 30, FSVC organized a virtual workshop for the MEF and CSOs on the Open Budget Survey (OBS), its methodology and key components. The OBS is an independent, comparative and fact-based research instrument that measures three key components of the budget process: transparency, participation and oversight. Panama is currently not a member of the OBS, but it can better position itself to join it by following the OBS methodology and publishing key budget documents that are not currently available to the public. As a result of this training, Panamanian stakeholders are better equipped to finalize an informed OGP commitment in budget transparency, and they have an understanding of clear practical steps that can be taken by following the OBS methodology.
This activity was organized with funding from the U.S. Embassy in Panama.
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Tajikistan: Disclosing Beneficial Ownership in the Extractive Industries
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Tajikistan jointed the Extractive Industries Transparency Initiative (EITI) a decade ago, reflecting the country’s political will to strengthen accountability in the management of extractive resources. The country, however, does not yet meet international standards in the reporting of beneficial ownership in the sector. The disclosure of beneficial ownership is key to ensuring a transparent extractive industry value chain that benefits the public. To help Tajikistan meet the EITI standard, FSVC developed a new beneficial ownership disclosure form for the private sector. After distributing the updated form, FSVC organized a workshop on June 11 for private companies in how to fill out this form. During the workshop, FSVC explained the role of private companies in ensuring transparent corporate governance.
As a result of this workshop, participating companies in Tajikistan are now equipped to fill out the beneficial ownership form, and will next submit it to FSVC and the EITI Council in Tajikistan.
This program is funded by the U.S. Embassy in Tajikistan.
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Niger: Training Journalists in Investigating Corruption
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In 2020, Niger ranked 132 out of 180 countries in Transparency International’s Corruption Perceptions Index, and 62 % of the local population thought that corruption had increased in Niger in the previous 12 months. These results indicate systemic vulnerability to corruption. The media can play a key role in addressing this challenge, by exposing and reporting corruption cases. From May 26 to June 3, with funding from the U.S. Agency for International Development (USAID), FSVC organized a training for journalists in the cities of Maradi and Zinder in how to investigate corruption. Topics covered included how to define corruption, different types of corruption and investigative techniques. FSVC conducted this training jointly with the Anti-Corruption Authority (HALCIA) to strengthen public-private engagement in combating corruption, and to raise awareness of the role and mission of HALCIA. At the end of the activity, all participants joined a common WhatsApp group to continue developing their dialogue and information-sharing on how best to report corruption.
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Somalia: Strengthening Compliance in the Financial Sector
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Central Bank of Somalia, Mogadishu
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The Somali financial sector is vulnerable to terrorism financing due to the heavy presence of the Al-Shabab terrorist group. To build resilience against illicit activity in the financial sector, since 2015, FSVC has been building the capacity of the Central Bank of Somalia, the Somali Banking Association, the Somali Remittance Association and money transfer businesses (MTBs) in anti-money laundering and combating the financing of terrorism (AML/CFT).
As part of this program, from May 25 – 31, FSVC organized a training for Managers, Compliance Officers and Tellers of Somali banks and MTBs. During the training, FSVC explained the importance of independence when reporting suspicious transactions to the Financial Reporting Center. FSVC then presented an overview of the investigation process associated with identifying and reporting suspicious transactions. During the last two days, FSVC trained tellers in onboarding best practices, including Know Your Customer (KYC) guidelines and Customer Due Diligence (CDD).
Tellers at Somali banks and MTBs are the first line of defense against money laundering and terrorist financing, and therefore play a critical role in the country’s AML/CFT chain.
This project was implemented with funding from the U.S. State Department’s Bureau of Counterterrorism.
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About Us
The Financial Services Volunteer Corps (FSVC) is a not-for-profit organization that helps strengthen financial sectors in developing and emerging market countries. It does so with the ultimate aim of promoting job creation, economic growth and a better quality of life. FSVC structures practical, results-oriented technical assistance and training missions staffed by senior financial sector professionals who serve as unpaid volunteer experts. Over the past 31 years, more than 10,000 volunteer experts from the international financial, legal and regulatory communities have taken part in 3,200 missions, impacting millions of people in 65 countries.
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