Webinar: "Financial Crime Legislation and Compliance Requirements in Trade Finance"
Making Finance Work for Africa is hosting a webinar on “Financial Crime Legislation and Compliance Requirements in Trade Finance”.
This webinar will be held on 24 April @ 1 pm GMT / 2 pm (London) / 3 pm (Paris/Frankfurt) / 4 pm (Nairobi) / 9 am (Washington)
The 2015 African Development Bank (AfDB) Trade Finance Survey estimated the value of bank-intermediated trade finance in Africa at US$ 400 billion, representing 30% of Africa’s total trade. According to the survey, demand for bank intermediated trade finance in Africa exceeds supply by some US$100 billion a year.
There are several reasons for this gap. In a global survey of trade and finance published by the International Chamber of Commerce (ICC), 90% of participating banks reported that the costs and complexity of compliance with Basel III, anti-financial crime and other regulations, remain a significant impediment to closing trade finance market gaps.
How did we get here? What is the impact of these regulations and compliance requirements on trade in Africa and on the African economy? What can be done to reverse the de-risking trend observed in the correspondent banking relationships? What can African countries do to minimize the negative impacts and how can development partners help ?
Lead presenter: Yann DESCLERS, Managing Director, Cornerstone Advisor Plus