The East African Legislative Assembly on Tuesday called on Burundi to join the Anti- Money Laundering group, this comes as it released a report on the progress made by member states on its common foreign and security policies.
“The Committee further noted that the Republic of Burundi is not a member of the Eastern and Southern African Anti- Money Laundering Group,” part of the report reads.
Regional law makers in the report indicated that Burundi’s non-membership of the Anti-Money Laundering Group is likely to affect the financial stability of the country.
“We appeal to the Republic of Burundi to join Eastern and Southern African
Anti-Money Laundering Group to strengthen its financial credibility,” the report from the EALA committee on regional affairs and conflict resolution reads.
This comes at a time when the East African Community is cooperating with the International Organisations on the mechanisms to combat money laundering and financing of terrorism.
The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) is a Regional Body subscribing to global standards to combat money laundering and financing of terrorism and proliferation.
It is made up of 19 member African countries and includes a number of regional and international observers such as AUSTRAC, Commonwealth Secretariat, East African Community, FATF, IMF, SADC, United Kingdom, United States of America, UNODC, World Bank and World Customs Organization. The United Kingdom and United States of America have been cooperating and supporting nations of the organization since it was established in 1999.
Among the objectives is to apply anti-money laundering measures to all serious crime, implement measures to combat the financing of terrorism and implement any other measures contained in the multilateral agreements and initiatives relevant to prevention and control of laundering of proceeds of all serious crimes, and the financing of terrorism and proliferation of weapons of mass destruction.