Labour Ministry and FIU sign MoU for crime prevention in credit unions

This MoU would enable the ministry to address growing concerns surrounding anti- money laundering, counter-financing of terrorism and regulatory oversight of the credit union and cooperative sectors.

In a release yesterday, the ministry said the MoU would enable the two bodies to safeguard the interests of the citizens of the country.

Permanent secretary in the ministry Natalie Willis said the MoU would coordinate the approach to transparency, accountability and organisational development for the sector, and supported the contemporary approach needed for promotion and increased compliance required to enhance stakeholder confidence.

The Cooperative Societies Act Chapter 81:03 required the appointment of a commissioner, who would have general powers of supervision to ensure that these societies registered under the Act were in compliance with the stipulations and regulations of the Act.

Director of the FIU Susan Francois said this MoU would set the terms and conditions of this arrangement to facilitate the exchange of information to maintain the integrity of the sector minimising any vulnerability for illicit activity.

She said it was important that these two bodies work together to achieve the common goals of crime prevention and the security of the sector.