Rwanda to join regional anti-money laundering body

Rwanda’s parliament has ratified Rwanda’s membership of the Eastern and Southern Africa Anti-Money Laundering Group, the local, New Times reports.

In 2012, the country joined the group as an observer but will now become a full member once the instruments of ratification are signed.

Rwanda aims at increasing preparedness against money laundering by joining the group.

The body consists of 19 African countries, including Kenya and Tanzania, and 19 international partners, including UK, US, World Bank and International Monetary Fund.

Being part of the body will see Rwanda share information and legal assistance between financial intelligence units to improve capacities in tackling money laundering, this according to the report.

Anti-Money Laundering Group is a member of an international umbrella organisation based in France that deals with regulations and standards aiming at fighting money laundering activities.

In 2008, a law on prevention and penalising the crime of money laundering and financing terrorism was passed and is implemented under the oversight of the central bank.

Financial sector experts say the move is important, noting that money laundering is increasingly becoming prevalent in developing economies.