Financial crimes include embezzlement, funding terrorism, misappropriation of assets, corruption, and various internet-related crimes like stealing financial information, among others.
John Kaijuka, the Vice President of ICPAR, highlighted the significant impact of these crimes on the country’s development and stressed the importance of combating them. He pointed out that while there are challenges due to the evolving tactics and technologies used by criminals, Rwanda has made strides in addressing these issues by implementing various laws and regulations.
Furthermore, Ndahiro Steven, the Head of Compliance at BPR Bank Rwanda, stressed the need for financial institutions to adopt strong measures to counter financial crimes. This includes implementing self-regulation strategies, utilizing advanced technology for monitoring, and ensuring that customers are not engaged in sanctioned activities.
He also emphasized the importance of reporting suspicious activities to the Financial Intelligence Center (FIC) for investigation and prosecution.
Participants of the training, including Umwali Léa, expressed that the knowledge gained would enhance their ability to improve financial security within the country. Despite Rwanda’s current low level of exposure to such crimes, there is a recognition of the need for caution to prevent potential damage to the country’s economy.
The Judiciary reported that in the fiscal year 2021/2022, 1,520 cases related to economic crimes were adjudicated, a decrease from 1,716 cases in the previous year, indicating ongoing efforts to tackle financial crimes in Rwanda.
