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E-four and AAF Consulting Firm Journal 1
STRATEGIES FOR IMPROVING MONITORING AND SUPERVISORY SKILLS FOR EFFECTIVE LEADERSHIP IN
COMBATING ANTY MONEY LAUNDERING AND COUNTER TERRORISIM IN AFRICA
"PREDICTIONS FOR 2024 IN THE AML/CFT SECTOR"
By Prof. Paul Allieu Kamara
Professor of Leadership and Organizational Development
Rudolph Kwanue University College
Address; At Pipeline, Wein Town Community, Paynesville Monrovia, Republic of Liberia
www.rkuclr.com
Adjunct faculty Report: E-Four and AAF in partnership with Institut Universitaire du Benin-University, Rudolph Kwanue
University College and African Union University
ABSTRACT
The study's goal is to look into and predict the difficulties of effective Leadership in both Public and Private sector
experienced in the 2024 AML/CFT and to strengthen their Leadership monitoring and supervisory ability and positions in the
Fight against Financial Crime for the year ahead, and to alleviate the negative consequences and impact on professional in
the Financial Institutions and we also seek to access their trainings, management objectives, motivation, and communication
on supervisory roles. The study established four objectives: (1) The hypotheses: investigated reveals that professional
training has a favorable influence on supervisory skills, (2) AML has less trained professional and less significance effect on
supervisory skills, (3) No Motivations has less or no effect on supervisory skilled Personnel, (4) and none professional
Communication posed by supervisory leadership positions have a negative association to the work of AML. Traditional
statistical procedures were used to test the results, as well as the usage of chi-square to evaluate significant levels. The
suggestions offered would assist leaders in Sierra Leone’s Financial and Business Institutions system in improving their
supervision and Monitoring abilities and competencies by using predictive Technologies in the year 2024.
Key Words: Monitoring and Supervision of AML/CFT, Supervisory Skills and Effective Leadership in Combating Money
Laundering and Counter Terrorism in Africa.
Introduction
1.1. Effective anti-money laundering and combating the financing of terrorism (AML/CFT) policies and measures is a key to
the integrity and stability of the financial system and Sierra Leone’ economy. Money laundering (ML) and related underlying
crimes (the so-called “predicate offenses” or “predicate crimes”), as well as terrorist financing (TF) and the financing of the
proliferation of weapons of mass destruction (WMD) or proliferation financing (PF) are crimes with economic effects and
they can threaten the integrity and stability of African’s financial sector and the country’s external stability more generally.
They can result in destabilizing “hot money” resulting from inflows and outflows, as well as in banking crises, ineffective
revenue collection, broader governance weaknesses, reputational risks for international financial centers, and loss of
correspondent banking relationships (CBRs). In an increasingly interconnected world, the harm done by these crimes is
global, affecting the integrity and stability of the National financial system. AML/CFT policies and measures are designed to
prevent and combat these crimes and are essential to protect the integrity and stability of financial markets and the global
financial system of Sierra Leone.
Over the past 20 years, the Sierra Leone has understaffed or little or untrained staffs to helped shape AML/CFT policies of
Africa, within its national frameworks. Financial integrity issues are covered (as relevant) in all of the Financial Institutional
functions: surveillance, lending, and capacity development. Staff gives policy advice on macro-critical AML/CFT issues in in
Article IV consultations, covers AML/CFT issues relevant to the financial sector’s soundness and stability as part of the
Financial Sector Assessment Programs (FSAPs), and inputs into the design and implementation of financial integrity-related
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measures in Financial-supported programs. The Financial Issues also has an extensive capacity development program on
AML/CFT and delivers bilateral, regional, and thematic technical assistance to the membership. Further, the financial sector
also actively contributes to the global AML/CFT architecture, through participation in standard setting and assessment of
countries against the international AML/CFT standards, coordination in CD delivery, and collaborations on policy dialogue
and analytical work. The IMF’s work on AML/CFT is guided by its AML/CFT strategy which is reviewed by IMF’s Executive
Board on a five- year policy review cycle. The 2023 Review of the AML/CFT Strategy was endorsed by the Executive Board
of the IMF in November 2023.
Importance of Leadership in supervisory and monitoring Financial Crime needs effective education and capacity under this
task.
1.2 Statement of Research problem.
The AfCFTA agreement is made up of 54 African countries merging into a single market of 1.3 billion people. This resource,
with the merit of enhancing sustainable markets, could create an economic bloc with a combined GDP of $3.4 trillion. Once
in place, intra-African trade is expected to grow by 33%, and Africa’s total trade deficit is expected to be cut in half. In
addition, the AfCFTA could generate combined consumer and business spending of $6.7 trillion by 2030, (according to the
Mo Ibrahim Foundation).
Negative Side of Financial Crime in Africa
Even though the intention of Africa is fantastic but there is a dark-side of it. According to the Economic Development in
Africa Report 2020 by the UN Conference on Trade and Development (UNCTAD), Africa loses about US$88.6 billion, 3.7
per cent of its gross domestic product (GDP), annually in illicit financial flows. The High-Level Panel on International
Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) report released in
February 2021 cautions that IFFs — from trade mis-invoicing, tax abuse, cross-border corruption, and transnational financial
crime — drain resources from sustainable development, as well as worsen inequalities, fuel instability, undermine
governance, and damage public trust.
The UN Office on Drugs and Crime (UNODC), in its Strategic Vision for Africa 2030 launched in February 2021, notes that
illicit financial flows remain a key impediment to Africa’s attainment of the 2030 Agenda and the African Union Agenda 2063.
Given the multidimensional and transnational nature of IFFs, significant domestic resources – illicitly acquired and
channeled out – pose a continent-wide development challenge. Stemming the inflow and outflow of money-laundering linked
to terrorism, organized crime, corruption and other crimes would make a significant contribution to economic growth, the
vision states.
“Given the magnitude of illicit outflows, these resources, if recovered or retained, have immense transformative potential,”
the FACTI report states, noting that tackling these leakages would enable developing countries to provide their citizens with
basic social services, such as adequate water, sanitation, electricity healthcare, and housing. Curbing IFFs, according to
UNCTAD, could almost halve the $200 billion annual financing gap Africa faces to achieve the sustainable development
goals (SDGs).
1.3 Research objectives
The main research objective is to investigate the challenges faced by Leaders or supervisors in carrying with their work in
the AML/ CFT.
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The specific research objectives are;
 To assess the effect of managerial skills on effective Leadership supervision in the AML/CFT work
 To evaluate the significant of professional training on supervisors
 To know if there is relationship between communication skills and supervisors’ performances
 To evaluate the effect of coordination on supervisors’ skills between Public and Private Sector.
1.4. Research Questions
 How does professional training increase Leadership and supervisory skills in AML/CFT?
 What is the effect of delegation of responsibilities on supervisory skills in AML/CFT?
 Is there relationship between communication effectiveness and supervisory skills Government and Inter-
Governmental Agencies?
 How does coordination affect supervisory skills and competencies?
1.5 Hypothesis of the study
 The hypotheses of the study were stated following the null and alternate perspectives;
 There is no effect of coordination on supervisory skills of supervisors in AML/CFT
 There is no effect of communication and supervisory skills
 There is no relationship between professional training and supervisory skills
 There is positive impact of delegation on supervisory skills of supervisors
2.1Conceptual Review
Definition of Concepts
Let us distinguish between the terms and need for effective Leadership in supervision and monitoring.
Some people and groups will do anything for money or other forms of wealth—even resort to breaking the law. They may try
to claim that these financial crimes are justifiable because they have no victims, or that the victims can afford the losses. In
reality, they are still illegal because they can cause widespread harm—not only in finance, but also in business, politics, and
culture.
So what are financial crimes, and what are some common types? Why are they so damaging to so many areas of society?
And what can organizations expect the battle against financial crime to look like in the near future? We’ll cover all that and
more in this article.
What is Financial Crime?
Financial crime is any activity that allows an individual or group to unlawfully gain financial assets (including money,
securities, or other property). It typically involves either directly stealing from a person or institution, or else illegally changing
or obscuring who owns an asset.
Financial crime is sometimes referred to as “white-collar crime” because it targets assets rather than people themselves,
and so tends to be non-violent (but not always). In any event, it can still be extremely damaging to individuals’ financial
situations, and even regional or global markets.
What is Considered a Financial Crime?
Financial crimes can be divided into one of two categories. The first category is an entity generating financial benefits for
themselves or others through deceptive or illicit practices. This can include a business employee using privileged information
to misappropriate some of the company’s funds for their own use. Another example would be a criminal taking money or
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other assets from someone in exchange for a financial instrument (such as a check or money order) that turns out to be
fake.
The second category is an entity committing a crime that sets them up to commit another crime where they illegitimately
gain a financial advantage or protect their financial benefits through dishonest or illegal methods. The most recognizable
form of the latter is money laundering: putting the proceeds of crime through a series of complex transactions to make them
appear as if they came from a legitimate source. Another example is people using shell corporations or shell banks to store
their money, obscuring who owns it and therefore helping them avoid paying taxes on it.
Types of Financial Crime
Financial crime has a broad definition that sometimes includes all illegal activity targeting financial institutions, or even any
illicit generation or use of money for an advantage. Here are ten common types of financial crime.
Fraud
Financial fraud crimes encompass any activities intended to gain or protect financial benefits through deceitful and unethical
means. Fraud is a wide category that can include many of the other crimes on this list, such as impersonation,
counterfeiting, identity theft, and falsifying business records.
Money Laundering
Money laundering is a financial crime that aims to cover up the source of the proceeds of crime. Its first objective is to sneak
money generated through illegal activities into a financial system (placement). Its second objective is to move that money
around to build up a transaction history, giving it the appearance of legitimacy and making it difficult to trace back to its
original criminal source (layering/structuring). Its final objective is to return the money to criminals for them to spend without
attracting attention from authorities (integration).
Terrorist Financing
Terrorist financing refers to entities providing financial assets to terrorists—both individuals and groups. Their aim is to help
terrorists purchase weapons, supplies, and anything else they need to carry out attacks on innocent civilians.
The penalties for being caught aiding terrorists are very severe, so terrorist financing is somewhat akin to money laundering.
That is, criminals wanting to finance terrorists have to use tricks to sneak assets into legitimate financial systems, then
conceal where the money is coming from and going to.
Embezzlement
Embezzlement is when an entity is entrusted with—or given access to—funds to be used towards certain ends, with the
entity then illicitly using that money for other purposes. They may transfer it to their own accounts or those of another,
creating fake invoices or receipts to try and cover their tracks. Embezzlement often occurs within organizations and can
range from petty theft to multi-million dollar schemes.
Corruption and Bribery
Similar to embezzlement, corruption is when an entity in a position of power acts outside of its mandate in order to unlawfully
gain advantages—including financial ones—for themselves or others. Corruption can actually involve embezzlement, and it
can also involve bribery.
Bribery is the other side of corruption. It’s when an entity illegally gives financial benefits to authorities in exchange for
receiving preferential treatment in decisions affecting the public. An example is a company paying officials in a country to get
them to allow it to operate there without needing to comply with all necessary regulatory obligations.
Tax Evasion
An entity intentionally not paying their taxes, or paying less tax than they owe, is a financial crime called tax evasion. There
are several ways to commit tax evasion. One is to deliberately fail to report taxable income. Another is to purposely claim
more tax deductions than one is entitled to. Refusing to file a tax return at all also counts as tax evasion.
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An entity may also commit tax evasion by storing or investing their assets in banks or companies in other countries, or that
are “shells” (i.e. they have no physical location and/or no active operations). This allows them to falsely claim that they have
fewer assets than they actually do, in an attempt to illegally pay less tax than they truly owe.
Insider Trading and Market Abuse
Sometimes, an entity may cheat the stock market by buying or selling securities based on proprietary information regarding
a company’s financial situation. This is called insider trading, and it’s a financial crime in many places. This is because the
entity either was entrusted with the information for other purposes (similar to corruption and embezzlement) or outright stole
it. So they got an unfair advantage by using information the public wasn't supposed to know (yet).
There are other ways criminals can illegally manipulate stock markets. One example is “wash trading”—purchasing and then
immediately re-selling shares in a company. This creates the illusion that the company’s stock is seeing a lot of financial
activity, which can inflate its price.
Another such scheme is called “pump and dump”. This involves an entity purchasing a low-value stock, then spreading
rumors or other misinformation suggesting that the stock will soon increase in price. Their goal is to create a flurry of trading
activity around the stock, thereby inflating its value. Then they sell off their shares for a profit before others realize the hype
surrounding the stock was fake, and trading activity returns to normal.
Forgery and Counterfeiting
Other financial crimes involve unlawfully manipulating or duplicating financial assets. These are known, respectively, as
forgery and counterfeiting.
Forgery is illicitly altering a genuine financial asset to create an unintended benefit. In check fraud, for example, a criminal
may name a different payee on the check, or change the amount the check is for. They may even attempt to fake the
signature or other credentials of the check payer or endorser to make it seem like they authorized the check, when in fact,
they did not.
Meanwhile, counterfeiting creates imitations or unauthorized copies of legitimate financial assets. The criminal’s intention is
to spend these fakes as if they were genuine, hoping the other transaction party doesn’t notice the difference. However,
many financial assets now have security features that allow people to tell the difference between an imitation and a genuine
one, or when a genuine one has been illegally copied.
Identity Theft
While identity theft doesn’t involve directly stealing financial assets, it’s often considered a financial crime anyway. This is
because it’s typically used as a means of committing other financial crimes.
The goal is for a criminal to steal someone’s private identity or account access credentials, then use them to forge the
person’s authorization for transactions. This allows the criminal to illegally profit while the victim bears the costs.
A criminal can use many different methods for identity theft. A common one is phishing, where they trick victims into
revealing their credentials with an enticing and/or urgent request—often appearing as if it came from a legitimate and
authoritative source. They can also break into online accounts to steal credentials or impersonate victims. Or they may
simply purchase credentials exposed by data breaches from the black market.
Cybercrime
As more financial activity moves online, so too does financial crime. Fraudsters are turning to digital channels for stealing
money and authorization credentials, exposing sensitive information, forging and counterfeiting financial assets,
manipulating markets, and committing many different types of fraud.
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Virtual currencies are proving to be especially popular tools for financial crime. Reasons for this include a current lack of
financial regulations surrounding them, as well as most transactions being semi-anonymous. In addition, many virtual
currencies have non-centralized administration on the block-chain, making transactions difficult to undo once recorded.
All of this has made virtual currencies ripe for schemes such as market manipulation, money laundering, terrorist financing,
tax evasion, and other forms of fraud.
Skills Required for Supervision
Supervision in AML/CFT necessitates a wide range of professional abilities.
According to Olowoye (1989), these abilities can be divided into eight categories, as follows:
1) Pedagogical Skills: These include subject matter expertise, teaching methods, improvisation, content
presentation, lesson notes, lesson plans, and units, among other things.
2) Questioning, ongoing assessment, and examination skills are examples of evaluation skills.
3) Disciplinary Skills: These include File management, investigation, the application of rules and regulations, and the
upkeep of order.
4) Motivational Skills: The importance of issues such as rewards and reinforcement is stressed.
5) Reportorial Skills: Maintaining records such as report Financial Books, tracing registers, ledger books, and foreign
books.
6) Managerial Skills: These include time management, effective use of teaching aids, dealing with tough situations,
and managing People’s conduct.
7) Interaction Skills: Establishing rapport, personality and general qualities of the investigation, cooperation, and so
on.
8) Analytical Skills: Issues and Accounting and Business Law competence, statistical computation, and data
interpretation, among other things.
9) The value of developing these skills cannot be left to chance, charlatans, or the mediocre. This highlights the
importance of improving the abilities of AML/CFT Leadership or supervisors in order to accomplish AML/CFT
goals.
Duties of Leadership and Supervisors
The following are some of the responsibilities of Leadership supervisors:
The following tasks are shared by Leaders or heads in African's Leadership education system, according to a ministerial
statement from 2001. (Gickman,1999).
1. Assisting officials of AML/CFT and encouraging a tailored curriculum development for Civic education
2. Stressing the importance of using the group process with Governments, Inter-agencies, and other AML/CFT workers.
3. Performing administrative activities solely to assist in-service training.
4. In-service training for Leaders and other official to improve instruction.
According to Igwe (2001), supervision entails evaluation, monitoring, and quality control with the goal of preventing or
minimizing Financial Crime activities, improving Leadership training curriculum and infrastructure. In order to accomplish
this, some specific supervisory roles in a modern Leadership have been defined and outlined below:
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a) Assisting Leaders or Leadership to better understand the issues or People he or she works with
b) Assisting Staff and individuals in professional development
c) Fostering a cooperative spirit for teamwork
d) Improving the use of AML/CFT materials
e) Improving investigative methods
f) Improving the staff's assessment of his own standards
g) The Leadership's acquisition of creativity inside the commodity.
g) The Organization has to devise a plan to improve the Leadership training curriculum.
The common denominator in the above-mentioned supervisory objectives is to assist AML/CFT in becoming more effective
in organizing their investigative work in terms of maximizing the use of Fin-Crime Fin-Tech and other fundamental resources
and Technological aids, as well as providing direction and evaluation of AML/CFT.
Leadership and Supervisory Roles
Effective intra-continental supervision is focused on recognizing particular criteria areas that, if successfully overseen, can
assist improve the quality of AML/CFT racking education.
Tambo (2007) recognized the following areas, among others:
i. The Characteristics of a Lesson Plan
The lesson plan reflects the Leader's level of preparedness as well as his or her work in acquiring information
for the AML/CFT. As a result, a badly drafted lesson plan reveals not only the AML/CFT's quality, but also his
level of devotion to his primary responsibility of investigation and tracking.
The following elements of the lesson plan must be thoroughly examined according to the legal framework the
judicial authority (Parliament or House of Representatives):
a) The clarity and appropriateness of the Criminal behavioral objectives
b) The relevancy and adequacy of the lesson notes,
c) The selection of relevant Leadership teaching aids, and
c) The selection of appropriate evaluation methodologies to measure the extent of effectively achieving the goal.
ii. Lesson Presentation When the targeted objectives are met, Leadership education is considered to be
effective. The AML/CFT Leaders must pay close attention to the following aspects:
a) The Leader's quality, skills, clarity of laws, intelligibility and appropriateness of rules, effective use of
leadership equipment such as Fin-Tech- audio-visual aids and investigation tools, etc.,
b) The Leader’s knowledge of the subject matter in terms of structure and sequence,
c) Leader 's knowledge of the subject matter in terms of structure and sequence,
d) Use of information management techniques including skills in affixing, affixing, affixing, affixing,
e)
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iii. Reference Materials
It is impossible to miss the usage of relevant reference materials such as Legal Instruments, Regional and International
treaties textbooks, schemes of work, and syllabuses. The following issues must be investigated by the Leaders:
a) The item's or topic's significance.
b) The materials' relevancy and logicalness,
c) The order in which the contents are presented, and so on.
d) Using current materials rather than outmoded ones.
iv. The Relationship between Leaders and workers Without a doubt, a positive interpersonal relationship
between professional and Leaders may foster effective preventive mechanism and help institution achieve
their AML/CFT roles
Objectives. In this regard, the Leaders must seek true affection and concern, as well as a positive and
accepted attitude among workers and partners. His ability to adjust or tolerate, as well as, if possible, provide
a hand through guidance and counseling services, must be taken into account.
v. team Management
Good team management makes the teaching and learning process go more smoothly. The following must be
known by the principal or other
Designated AML/CFT personnel:
a) The ability to discipline and control personnel,
b) Reward skills to reinforce good performance or conduct,
c) The ability to identify cases and causes
vi. Personnel’s' misbehavior,
d) The creation of a conducive Work climate,
e) Personnel working arrangements, and
f) The physical condition of their Services
 Personality of the Staff
Personal features or attributes, emotional status, looks, IQ, physique, leadership skills, communication skills, and so on are
all part of a AML/CFT Leader's personality.
Challenges of AML/CFT Supervision and Monitoring
There are a number of issues that work against efficient supervision and Monitoring in AML/CFT field of work.
 Inadequacy of Personnel: In our Board, the number of professionally trained supervisors and Monitors is far
insufficient to meet the demands of an effective and efficient supervision and monitoring program. Because the
Fin-Crime's Criminals population has outgrown the required Personnel -to-criminal ratio, most Leaders' only
concern in terms of AML/CFT is ensuring that there are enough Resources to staff the work.
 External Professional supervisors or inspectors are in short supply: External supervisors and inspectors are
usually Ministry of Finance or National Banks Board or Financial Institution officers who have been assigned to
assess the level of conformity of AML/CFT instructional activities with government -approved standards.
Unfortunately, due to the enormous number of government Leaders and Personnel, this group of workers is
frequently in short supply. According to Ogunu (2005), as a result of the lack of supervisory personnel, many
unprofessional acts are carried out in our Boards and Financial Markets, often to the disadvantage of the Country.
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 Lack of Time: According to Ogunu (2005), AML/CFT principals are so swamped with administrative
responsibilities that they have little time to visit AML/CFT Offices and evaluate how Personnel are doing. We
cannot expect Personnel to perform well when AML/CFT Leaders devote more time to correspondence with the
Ministry of Finance and its parastatals, community affairs, Financial Institutions, and a slew of other responses to
key demands while neglecting their primary responsibility of overseeing AML/CFT in the Offices. Some unethical
Monitors and Superiors take advantage of the AML/CFT lack of monitors to further their own selfish goals.
 Inadequate Financial and working Materials: Without Financial and working Materials, there can be no effective
oversight of AML/CFT. Most Boards, according to experience, lack even the most working materials and
equipment, such as Fin-Tech, Machine Learning, AIs, and suitable Offices for Personnel. Apart from
circumstances when there is nothing to monitor, there are others where the supervisor lacks the necessary
facilities and tools. External supervisors and Monitors (Leadership), for example, frequently lack the necessary
transportation and Vehicles and other supplies to carry out their duties. Inadequate Instructional Supervision
Training and Orientation: Many newly appointed AML/CFT Personnel do not receive the essential training and
orientation to equip them with the skills they need to carry out their Monitoring and supervisory responsibilities.
They get by for years without realizing what instructional supervision is or how to go about doing it.
 Inadequacy of money: Head of AML/CFT Agencies are frequently unable to conduct in-house orientation and in-
service programs for their staff or to travel to other places around the Boards and resource centers to learn about
new innovations in AML/CFT and Financial Outflows that may help their Institutions due to a lack of funding. If the
government's aims for national development are to be met, it must provide appropriate funding and skilled staff for
the monitoring of AML/CFT in our Boards.
 2.2 Theoretical framework
In this study (Mbua, 2003), numerous ideas linked to supervisory and Monitoring skills will be examined. These
theories serve to explain several theories of motivation that aid in improving effective monitoring and supervisory
skills for AML/CFT leaders. Some of them are discussed farther down.
Needs are arranged in a hierarchy. Abraham Maslow proposed this idea to define the personal and professional needs
that all humans instinctively seek. Physical, safety, social, self-esteem, and self-actualization are the five degrees of human
needs. Maslow's hierarchy of needs, while originally developed in the realm of psychology, has significant implications for
comprehending monitoring and supervisory models and ideas. Hierarchy aids monitoring and supervisors in comprehending
how both Leader and Personnel advance in achieving their life goals based on their various degrees of requirements and
fulfillments.
Supervisors and Monitors must make an effort to connect with both Leaders and Personnel in order to comprehend their
feelings and expectations. This is critical in terms of involving programs for monitoring and supervision.
The X-Theory Douglas McGregor introduced this notion, claiming that most individuals despise working and only do so
because they need money. A Monitoring and supervisory model of theory of x encourages AML/CFT workers to be closely
monitored and motivated to accomplish more.
Y is the theory. According to the hypothesis, some employees enjoy working and even look forward to it. These people take
pride in their profession and may have personal goals that serve as natural sources of inspiration and motivation. As a
Monitoring and supervisory model, the theory proposes that AML/CFT leaders spend more time looking after their
Personnel, resulting in a more pleasant and comfortable working atmosphere. Monitoring and Supervisory responsibilities
would entail assisting Leaders and Personnel in achieving successful AML/CFT outcomes.
Motivational paradigm based on expectation. Motivating people to perform at a high level at work is critical for a small
firm because each employee's function in the organization is important. According to this approach, Monitoring and
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Supervision should focus on both Leaders' and Personnel' perceptions of intended outcomes. Leaders and Personnel will be
more effective if they understand what inspires them.
Three principles are established by the model: the relationship between effort and performance, the relationship between
rewards and performance, and the relationship between attractiveness and rewards. And Monitoring and Supervisory
programs should focus on fostering positive relationships between Leaders and Personnel (Besong, 2015).
2.3 Contextual Reviews
This paper reviews the Fund’s efforts to safeguard financial integrity and proposes the way forward for the Fund’s Anti-
Money Laundering and Combating the Financing of Terrorism (AML/CFT) Strategy. For over 20 years, the IMF has
recognized that effective AML/CFT frameworks, and financial integrity more broadly, are key to the soundness and stability
of the financial sector and to prevent the negative macroeconomic implications of financial crimes on the broader economy
of members, progressively integrating this work across all its core functions and in a broad set of Fund policies. The paper
takes stock of the implementation of the IMF's AML/CFT strategy since 2018. It also proposes deepening the integration of
financial integrity issues and an enhanced focus on the macroeconomic impact of AML/CFT issues for the way forward.
IFF have received increased attention globally due to their significant adverse effects on the macro-economies of countries
where they originate, transit, and/or are integrated. This background paper takes stock of the efforts to estimate and address
cross-border IFF and discusses potential solutions that the Fund could advance to mitigate IFF, highlighting how technology
can be leveraged to analyze big data on cross-border payments and prioritize efforts. The paper discusses the economic
impact of IFF and how the Fund—although it does not yet have a dedicated policy on IFF—could help address related
macroeconomic risks building on its anti-money laundering and combating the financing of terrorism (AML/CFT) strategy
and the Framework for Enhanced Engagement on Governance. A. Addressing IFF1 1. In recent years, IFF started attracting
increased attention of policymakers, civil society, and international organizations. Relevant work by the United Nations (UN),
the World Bank, the Organization for Economic Co-operation and Development (OECD), national AML/CFT authorities’ risk
assessments; and typologies of relevant crimes contributed to the growing awareness about IFF adverse effects on tax and
broader public financial expenditures and revenues, external and financial sectors’ stability, and governance and rule of law.
In addition, IFF are often discussed as a barrier to sustainable and inclusive economic growth, benefiting narrow elites and
widening inequality, promoting informality, and undermining social cohesion and trust in governments. 2. International
organizations and civil society organizations (CSO) have contributed to a multi-pronged global agenda on IFF. The
discourse around IFF gained increased prominence in 2015 with the adoption of the Sustainable Development Goals
(SDGs), which include tackling of IFF as a target2 in its recognition as a key disabler of sustainable development. In recent
years, IFF have been recognized among significant global economic challenges, as reflected, for instance, by the Group of
Twenty (G20) and Group of Seven (G7).3 International organizations including the World Bank and the OECD have also
been active in global efforts against IFF, for instance, through development of methodologies and toolkits on measurement
of IFF as well as through analytical and capacity development (CD) support on topics including AML/CFT, anti-corruption,
beneficial ownership transparency, stolen assets recovery, among others to strengthen countries’ capacity to tackle IFF.
3. Methodology of the Research
This section discusses the research methodology used in qualitative and quantitative studies. It covers topics such as
targeted respondents, research techniques, research materials, data collection, and data analysis.
Respondents in AML/CFT, such as Personnel and monitors and supervisors, are the focus of the study. For a population of
roughly 5500 AML/CFT leaders, the sample size is around 1000. Purposive-random sampling was used to pick the
respondents. Data was gathered from AML/CFT Leaders, Personnel and AML/CFT sources. To evaluate significant levels,
the data was displayed using frequency distribution tables, pie charts, and other statistical methods, such as regression
analysis and chi-square. A pilot system was used to distribute questionnaires. Closed-ended questions were included in the
questionnaires, with respondents having the option of agreeing, disagreeing, or remaining undecided. The scale had three
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numbers: three for agree, one for disagree, and zero for undecided. The null hypothesis is rejected when the coefficient
value falls between 0.48 and 0.76, according to the decision rule.
4.1 Data Presentation and Analysis.
The four variables under investigation were set in both null and alternate hypotheses.
Table 4.1: Presentation of the responses to hypothesis 1.
hypothesis1 Agree
F %
Disagree
F %
Uncertain
F %
Total
F %
There is effect of
professional training on
monitoring and supervisory skills
750 75 250 25 0 0 1000 100
TOTAL 3 1 0 4
Table 4.2: presentation of responses to hypothesis 2
Hypothesis 2 Agree
F %
Disagree
F %
Uncertain
F %
Uncertain
F %
There is no significant
effect of MF/FIs on Monitoring
and
supervisory skills
600 60 330 33 70 7 1000 100
Total 3 1 0 4
Table 4.3: presentation of responses to hypothesis 3.
Hypothesis 3 Agree
F %
Disagree
F %
Uncertain
F %
Uncertain
F %
There is a positive effect
of motivation on
monitoring and supervisory
skills
350 35 500 50 150 15 1000 100
Total 1 3 0 4
Table 4.4: Presentation of responses to hypothesis 4.
Hypothesis 4 Agree
F %
Disagree
F %
Uncertain
F %
Uncertain
F %
There is a positive
relationship between
communication and
supervisory skills
700 70 500 50 150 15 1000 100
Total 1 3 0 4
Table 4.4: Presentation of responses to hypothesis 4.
Hypothesis 4 Agree
F %
Disagree
F %
Uncertain
F %
Uncertain
F %
There is a positive
relationship between
communication and
supervisory skills
700 70 500 50 150 15 1000 100
Total 1 3 0 4
E-four and AAF Consulting Firm Journal 1
Hypothesis 1. The calculated value of 0.143 is greater than the critical value of 0.346. According to the decision rule, we
reject the null hypothesis and accept the alternate hypothesis. Since the contingent coefficient of .057 lies between 0.48 and
0.76, we agree that there is a significant effect of professional training on monitoring and supervisory skills.
Hypothesis 2. The calculated value is 0.345 and the critical value is 0.97. According to the decision rule, we reject the
alternate hypothesis and accept the null hypothesis. Since the Contingent coefficient of 0.83 is above 0.76, we accept the
null hypothesis that there is no significant effect of FM/FS on Monitoring and supervisory skills.
Hypothesis 3. The calculated value is 0.512 is lesser than 0.125 critical value. The alternate hypothesis is rejected. Since
the Contingent coefficient of 0.79 is above 0.76, we disagree that there is a significant effect of motivation on supervisory
sills.
Summary of findings.
The results above show that;
 There is a positive effect of professional training on Monitoring and supervisory skills
 There is no significant effect of FM/FS on Monitoring supervisory skills.
 There is no effect of motivation on Monitoring and supervisory skills.
5.1. Policy Recommendations
The above mentioned findings of the study suggest the following recommendations in order to improve Monitoring and
supervisory skills for leaders of AML/CFT in Africa.
1. Training and retraining of Leaders in Monitoring and supervisor: The training of new Monitoring and
supervisors, as well as the retraining of existing Monitors and supervisors, should be prioritized. For this objective,
special training centers with experienced and practicing Perfects on Monitoring and supervisors should be
established. This is significant because the use of old or obsolete techniques or methods contradicts the spirit of
Fin-Crime inspection. Monitoring and Supervisors could be sponsored to attend seminars, workshops, or
conferences to keep up to date on modern and appropriate Monitoring and supervisory procedures.
2. Morale Boosting: The relationship between motivation and skill performance has been studied extensively. If
Monitoring and supervisions are properly motivated with available work materials such as stationery,
transportation, a pleasant working environment, and increased salaries and allowances, their morale may improve,
affecting their skills.
3. Employment of Monitors and supervisors with higher educational qualifications: Monitors and Supervisors
with higher educational qualifications are more likely to outperform those with lower qualifications in the sector.
Education professionals with greater qualifications, according to Okoro (2004), have more confidence in their
workplace. Furthermore, they have easier access to quality information and can adapt to changing occupational
conditions than their lower-qualified counterparts, who are typically less prepared and ill-equipped to adapt to
modern changes.
4. International and inter-state exchanges: It has been proposed that a purposeful and government-sponsored
international and interstate exchange of monitoring and supervisory individuals and experiences could improve
monitoring and supervisory skills. Nigeria, Ghana, Gambia, Sierra Leone, Canada, and other countries with similar
educational policies could participate in such exchange programs. The goal is to ensure that ideas are cross-
pollinated and that different approaches to comparable problems or challenges are explored.
5. Improved Selection Criteria for Monitoring and Supervisors: Supervision is a technical task that necessitates
a thorough, objective evaluation. As a result, persons charged with this task should be carefully chosen from
among the available education personnel in AML/CFT field or state ministries, Agencies and Civil Societies. A
E-four and AAF Consulting Firm Journal 1
particular aptitude test could be used to assess candidates' suitability by examining several aspects of their
personalities. According to Obanya (2005), this demanding exercise boosts confidence, which is essential for skill
acquisition and performance.
6. Further training programs against Unprofessional Performance: In order to strengthen the skills of AML/CFT
Monitoring and supervisors, relevant actions should be leveled for monitors and supervisors who are not
professionalized and who tend to undermine the desired standard. A system in which mediocrity is lauded and
standards are abandoned, while monitors and supervisors who excel in their assignments should be recognized
appropriately, either in kind or in cash, penalizing substandard performance could serve as a deterrent to others.
7. Motivation for good Performance: While many forms of incentive have the ability to raise employee morale, they
also have the ability to encourage increased performance and the development of high-quality abilities. As a
result, monitors and supervisors who work well should be paid appropriately in order to preserve and, if feasible,
increase their abilities.
Conclusion
The need to attain relevant skills without waste of resources by those charged with monitoring and supervisory roles to
achieving the said goals of AML/CFT Leaders education cannot be undermined. Consequently, collaborative efforts should
be made towards providing improved skills acquisition strategies by concerned stakeholders in the AML/CFT sector.
It is hoped that if the content of this paper is given the desired attention, the quality of skills and competencies of heads or
Leaders as AML/CFT monitors and supervisors would be improved and the standard of AML/CFT could be better for it.
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STRATEGIES FOR IMPROVING MONITORING AND SUPERVISORY SKILLS FOR EFFECTIVE LEADERSHIP IN COMBATING ANTY MONEY LAUNDERING AND COUNTER TERRORISIM IN AFRICA "PREDICTIONS FOR 2024 IN THE AML/CFT SECTOR"

  • 1. E-four and AAF Consulting Firm Journal 1 STRATEGIES FOR IMPROVING MONITORING AND SUPERVISORY SKILLS FOR EFFECTIVE LEADERSHIP IN COMBATING ANTY MONEY LAUNDERING AND COUNTER TERRORISIM IN AFRICA "PREDICTIONS FOR 2024 IN THE AML/CFT SECTOR" By Prof. Paul Allieu Kamara Professor of Leadership and Organizational Development Rudolph Kwanue University College Address; At Pipeline, Wein Town Community, Paynesville Monrovia, Republic of Liberia www.rkuclr.com Adjunct faculty Report: E-Four and AAF in partnership with Institut Universitaire du Benin-University, Rudolph Kwanue University College and African Union University ABSTRACT The study's goal is to look into and predict the difficulties of effective Leadership in both Public and Private sector experienced in the 2024 AML/CFT and to strengthen their Leadership monitoring and supervisory ability and positions in the Fight against Financial Crime for the year ahead, and to alleviate the negative consequences and impact on professional in the Financial Institutions and we also seek to access their trainings, management objectives, motivation, and communication on supervisory roles. The study established four objectives: (1) The hypotheses: investigated reveals that professional training has a favorable influence on supervisory skills, (2) AML has less trained professional and less significance effect on supervisory skills, (3) No Motivations has less or no effect on supervisory skilled Personnel, (4) and none professional Communication posed by supervisory leadership positions have a negative association to the work of AML. Traditional statistical procedures were used to test the results, as well as the usage of chi-square to evaluate significant levels. The suggestions offered would assist leaders in Sierra Leone’s Financial and Business Institutions system in improving their supervision and Monitoring abilities and competencies by using predictive Technologies in the year 2024. Key Words: Monitoring and Supervision of AML/CFT, Supervisory Skills and Effective Leadership in Combating Money Laundering and Counter Terrorism in Africa. Introduction 1.1. Effective anti-money laundering and combating the financing of terrorism (AML/CFT) policies and measures is a key to the integrity and stability of the financial system and Sierra Leone’ economy. Money laundering (ML) and related underlying crimes (the so-called “predicate offenses” or “predicate crimes”), as well as terrorist financing (TF) and the financing of the proliferation of weapons of mass destruction (WMD) or proliferation financing (PF) are crimes with economic effects and they can threaten the integrity and stability of African’s financial sector and the country’s external stability more generally. They can result in destabilizing “hot money” resulting from inflows and outflows, as well as in banking crises, ineffective revenue collection, broader governance weaknesses, reputational risks for international financial centers, and loss of correspondent banking relationships (CBRs). In an increasingly interconnected world, the harm done by these crimes is global, affecting the integrity and stability of the National financial system. AML/CFT policies and measures are designed to prevent and combat these crimes and are essential to protect the integrity and stability of financial markets and the global financial system of Sierra Leone. Over the past 20 years, the Sierra Leone has understaffed or little or untrained staffs to helped shape AML/CFT policies of Africa, within its national frameworks. Financial integrity issues are covered (as relevant) in all of the Financial Institutional functions: surveillance, lending, and capacity development. Staff gives policy advice on macro-critical AML/CFT issues in in Article IV consultations, covers AML/CFT issues relevant to the financial sector’s soundness and stability as part of the Financial Sector Assessment Programs (FSAPs), and inputs into the design and implementation of financial integrity-related
  • 2. E-four and AAF Consulting Firm Journal 1 measures in Financial-supported programs. The Financial Issues also has an extensive capacity development program on AML/CFT and delivers bilateral, regional, and thematic technical assistance to the membership. Further, the financial sector also actively contributes to the global AML/CFT architecture, through participation in standard setting and assessment of countries against the international AML/CFT standards, coordination in CD delivery, and collaborations on policy dialogue and analytical work. The IMF’s work on AML/CFT is guided by its AML/CFT strategy which is reviewed by IMF’s Executive Board on a five- year policy review cycle. The 2023 Review of the AML/CFT Strategy was endorsed by the Executive Board of the IMF in November 2023. Importance of Leadership in supervisory and monitoring Financial Crime needs effective education and capacity under this task. 1.2 Statement of Research problem. The AfCFTA agreement is made up of 54 African countries merging into a single market of 1.3 billion people. This resource, with the merit of enhancing sustainable markets, could create an economic bloc with a combined GDP of $3.4 trillion. Once in place, intra-African trade is expected to grow by 33%, and Africa’s total trade deficit is expected to be cut in half. In addition, the AfCFTA could generate combined consumer and business spending of $6.7 trillion by 2030, (according to the Mo Ibrahim Foundation). Negative Side of Financial Crime in Africa Even though the intention of Africa is fantastic but there is a dark-side of it. According to the Economic Development in Africa Report 2020 by the UN Conference on Trade and Development (UNCTAD), Africa loses about US$88.6 billion, 3.7 per cent of its gross domestic product (GDP), annually in illicit financial flows. The High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) report released in February 2021 cautions that IFFs — from trade mis-invoicing, tax abuse, cross-border corruption, and transnational financial crime — drain resources from sustainable development, as well as worsen inequalities, fuel instability, undermine governance, and damage public trust. The UN Office on Drugs and Crime (UNODC), in its Strategic Vision for Africa 2030 launched in February 2021, notes that illicit financial flows remain a key impediment to Africa’s attainment of the 2030 Agenda and the African Union Agenda 2063. Given the multidimensional and transnational nature of IFFs, significant domestic resources – illicitly acquired and channeled out – pose a continent-wide development challenge. Stemming the inflow and outflow of money-laundering linked to terrorism, organized crime, corruption and other crimes would make a significant contribution to economic growth, the vision states. “Given the magnitude of illicit outflows, these resources, if recovered or retained, have immense transformative potential,” the FACTI report states, noting that tackling these leakages would enable developing countries to provide their citizens with basic social services, such as adequate water, sanitation, electricity healthcare, and housing. Curbing IFFs, according to UNCTAD, could almost halve the $200 billion annual financing gap Africa faces to achieve the sustainable development goals (SDGs). 1.3 Research objectives The main research objective is to investigate the challenges faced by Leaders or supervisors in carrying with their work in the AML/ CFT.
  • 3. E-four and AAF Consulting Firm Journal 1 The specific research objectives are;  To assess the effect of managerial skills on effective Leadership supervision in the AML/CFT work  To evaluate the significant of professional training on supervisors  To know if there is relationship between communication skills and supervisors’ performances  To evaluate the effect of coordination on supervisors’ skills between Public and Private Sector. 1.4. Research Questions  How does professional training increase Leadership and supervisory skills in AML/CFT?  What is the effect of delegation of responsibilities on supervisory skills in AML/CFT?  Is there relationship between communication effectiveness and supervisory skills Government and Inter- Governmental Agencies?  How does coordination affect supervisory skills and competencies? 1.5 Hypothesis of the study  The hypotheses of the study were stated following the null and alternate perspectives;  There is no effect of coordination on supervisory skills of supervisors in AML/CFT  There is no effect of communication and supervisory skills  There is no relationship between professional training and supervisory skills  There is positive impact of delegation on supervisory skills of supervisors 2.1Conceptual Review Definition of Concepts Let us distinguish between the terms and need for effective Leadership in supervision and monitoring. Some people and groups will do anything for money or other forms of wealth—even resort to breaking the law. They may try to claim that these financial crimes are justifiable because they have no victims, or that the victims can afford the losses. In reality, they are still illegal because they can cause widespread harm—not only in finance, but also in business, politics, and culture. So what are financial crimes, and what are some common types? Why are they so damaging to so many areas of society? And what can organizations expect the battle against financial crime to look like in the near future? We’ll cover all that and more in this article. What is Financial Crime? Financial crime is any activity that allows an individual or group to unlawfully gain financial assets (including money, securities, or other property). It typically involves either directly stealing from a person or institution, or else illegally changing or obscuring who owns an asset. Financial crime is sometimes referred to as “white-collar crime” because it targets assets rather than people themselves, and so tends to be non-violent (but not always). In any event, it can still be extremely damaging to individuals’ financial situations, and even regional or global markets. What is Considered a Financial Crime? Financial crimes can be divided into one of two categories. The first category is an entity generating financial benefits for themselves or others through deceptive or illicit practices. This can include a business employee using privileged information to misappropriate some of the company’s funds for their own use. Another example would be a criminal taking money or
  • 4. E-four and AAF Consulting Firm Journal 1 other assets from someone in exchange for a financial instrument (such as a check or money order) that turns out to be fake. The second category is an entity committing a crime that sets them up to commit another crime where they illegitimately gain a financial advantage or protect their financial benefits through dishonest or illegal methods. The most recognizable form of the latter is money laundering: putting the proceeds of crime through a series of complex transactions to make them appear as if they came from a legitimate source. Another example is people using shell corporations or shell banks to store their money, obscuring who owns it and therefore helping them avoid paying taxes on it. Types of Financial Crime Financial crime has a broad definition that sometimes includes all illegal activity targeting financial institutions, or even any illicit generation or use of money for an advantage. Here are ten common types of financial crime. Fraud Financial fraud crimes encompass any activities intended to gain or protect financial benefits through deceitful and unethical means. Fraud is a wide category that can include many of the other crimes on this list, such as impersonation, counterfeiting, identity theft, and falsifying business records. Money Laundering Money laundering is a financial crime that aims to cover up the source of the proceeds of crime. Its first objective is to sneak money generated through illegal activities into a financial system (placement). Its second objective is to move that money around to build up a transaction history, giving it the appearance of legitimacy and making it difficult to trace back to its original criminal source (layering/structuring). Its final objective is to return the money to criminals for them to spend without attracting attention from authorities (integration). Terrorist Financing Terrorist financing refers to entities providing financial assets to terrorists—both individuals and groups. Their aim is to help terrorists purchase weapons, supplies, and anything else they need to carry out attacks on innocent civilians. The penalties for being caught aiding terrorists are very severe, so terrorist financing is somewhat akin to money laundering. That is, criminals wanting to finance terrorists have to use tricks to sneak assets into legitimate financial systems, then conceal where the money is coming from and going to. Embezzlement Embezzlement is when an entity is entrusted with—or given access to—funds to be used towards certain ends, with the entity then illicitly using that money for other purposes. They may transfer it to their own accounts or those of another, creating fake invoices or receipts to try and cover their tracks. Embezzlement often occurs within organizations and can range from petty theft to multi-million dollar schemes. Corruption and Bribery Similar to embezzlement, corruption is when an entity in a position of power acts outside of its mandate in order to unlawfully gain advantages—including financial ones—for themselves or others. Corruption can actually involve embezzlement, and it can also involve bribery. Bribery is the other side of corruption. It’s when an entity illegally gives financial benefits to authorities in exchange for receiving preferential treatment in decisions affecting the public. An example is a company paying officials in a country to get them to allow it to operate there without needing to comply with all necessary regulatory obligations. Tax Evasion An entity intentionally not paying their taxes, or paying less tax than they owe, is a financial crime called tax evasion. There are several ways to commit tax evasion. One is to deliberately fail to report taxable income. Another is to purposely claim more tax deductions than one is entitled to. Refusing to file a tax return at all also counts as tax evasion.
  • 5. E-four and AAF Consulting Firm Journal 1 An entity may also commit tax evasion by storing or investing their assets in banks or companies in other countries, or that are “shells” (i.e. they have no physical location and/or no active operations). This allows them to falsely claim that they have fewer assets than they actually do, in an attempt to illegally pay less tax than they truly owe. Insider Trading and Market Abuse Sometimes, an entity may cheat the stock market by buying or selling securities based on proprietary information regarding a company’s financial situation. This is called insider trading, and it’s a financial crime in many places. This is because the entity either was entrusted with the information for other purposes (similar to corruption and embezzlement) or outright stole it. So they got an unfair advantage by using information the public wasn't supposed to know (yet). There are other ways criminals can illegally manipulate stock markets. One example is “wash trading”—purchasing and then immediately re-selling shares in a company. This creates the illusion that the company’s stock is seeing a lot of financial activity, which can inflate its price. Another such scheme is called “pump and dump”. This involves an entity purchasing a low-value stock, then spreading rumors or other misinformation suggesting that the stock will soon increase in price. Their goal is to create a flurry of trading activity around the stock, thereby inflating its value. Then they sell off their shares for a profit before others realize the hype surrounding the stock was fake, and trading activity returns to normal. Forgery and Counterfeiting Other financial crimes involve unlawfully manipulating or duplicating financial assets. These are known, respectively, as forgery and counterfeiting. Forgery is illicitly altering a genuine financial asset to create an unintended benefit. In check fraud, for example, a criminal may name a different payee on the check, or change the amount the check is for. They may even attempt to fake the signature or other credentials of the check payer or endorser to make it seem like they authorized the check, when in fact, they did not. Meanwhile, counterfeiting creates imitations or unauthorized copies of legitimate financial assets. The criminal’s intention is to spend these fakes as if they were genuine, hoping the other transaction party doesn’t notice the difference. However, many financial assets now have security features that allow people to tell the difference between an imitation and a genuine one, or when a genuine one has been illegally copied. Identity Theft While identity theft doesn’t involve directly stealing financial assets, it’s often considered a financial crime anyway. This is because it’s typically used as a means of committing other financial crimes. The goal is for a criminal to steal someone’s private identity or account access credentials, then use them to forge the person’s authorization for transactions. This allows the criminal to illegally profit while the victim bears the costs. A criminal can use many different methods for identity theft. A common one is phishing, where they trick victims into revealing their credentials with an enticing and/or urgent request—often appearing as if it came from a legitimate and authoritative source. They can also break into online accounts to steal credentials or impersonate victims. Or they may simply purchase credentials exposed by data breaches from the black market. Cybercrime As more financial activity moves online, so too does financial crime. Fraudsters are turning to digital channels for stealing money and authorization credentials, exposing sensitive information, forging and counterfeiting financial assets, manipulating markets, and committing many different types of fraud.
  • 6. E-four and AAF Consulting Firm Journal 1 Virtual currencies are proving to be especially popular tools for financial crime. Reasons for this include a current lack of financial regulations surrounding them, as well as most transactions being semi-anonymous. In addition, many virtual currencies have non-centralized administration on the block-chain, making transactions difficult to undo once recorded. All of this has made virtual currencies ripe for schemes such as market manipulation, money laundering, terrorist financing, tax evasion, and other forms of fraud. Skills Required for Supervision Supervision in AML/CFT necessitates a wide range of professional abilities. According to Olowoye (1989), these abilities can be divided into eight categories, as follows: 1) Pedagogical Skills: These include subject matter expertise, teaching methods, improvisation, content presentation, lesson notes, lesson plans, and units, among other things. 2) Questioning, ongoing assessment, and examination skills are examples of evaluation skills. 3) Disciplinary Skills: These include File management, investigation, the application of rules and regulations, and the upkeep of order. 4) Motivational Skills: The importance of issues such as rewards and reinforcement is stressed. 5) Reportorial Skills: Maintaining records such as report Financial Books, tracing registers, ledger books, and foreign books. 6) Managerial Skills: These include time management, effective use of teaching aids, dealing with tough situations, and managing People’s conduct. 7) Interaction Skills: Establishing rapport, personality and general qualities of the investigation, cooperation, and so on. 8) Analytical Skills: Issues and Accounting and Business Law competence, statistical computation, and data interpretation, among other things. 9) The value of developing these skills cannot be left to chance, charlatans, or the mediocre. This highlights the importance of improving the abilities of AML/CFT Leadership or supervisors in order to accomplish AML/CFT goals. Duties of Leadership and Supervisors The following are some of the responsibilities of Leadership supervisors: The following tasks are shared by Leaders or heads in African's Leadership education system, according to a ministerial statement from 2001. (Gickman,1999). 1. Assisting officials of AML/CFT and encouraging a tailored curriculum development for Civic education 2. Stressing the importance of using the group process with Governments, Inter-agencies, and other AML/CFT workers. 3. Performing administrative activities solely to assist in-service training. 4. In-service training for Leaders and other official to improve instruction. According to Igwe (2001), supervision entails evaluation, monitoring, and quality control with the goal of preventing or minimizing Financial Crime activities, improving Leadership training curriculum and infrastructure. In order to accomplish this, some specific supervisory roles in a modern Leadership have been defined and outlined below:
  • 7. E-four and AAF Consulting Firm Journal 1 a) Assisting Leaders or Leadership to better understand the issues or People he or she works with b) Assisting Staff and individuals in professional development c) Fostering a cooperative spirit for teamwork d) Improving the use of AML/CFT materials e) Improving investigative methods f) Improving the staff's assessment of his own standards g) The Leadership's acquisition of creativity inside the commodity. g) The Organization has to devise a plan to improve the Leadership training curriculum. The common denominator in the above-mentioned supervisory objectives is to assist AML/CFT in becoming more effective in organizing their investigative work in terms of maximizing the use of Fin-Crime Fin-Tech and other fundamental resources and Technological aids, as well as providing direction and evaluation of AML/CFT. Leadership and Supervisory Roles Effective intra-continental supervision is focused on recognizing particular criteria areas that, if successfully overseen, can assist improve the quality of AML/CFT racking education. Tambo (2007) recognized the following areas, among others: i. The Characteristics of a Lesson Plan The lesson plan reflects the Leader's level of preparedness as well as his or her work in acquiring information for the AML/CFT. As a result, a badly drafted lesson plan reveals not only the AML/CFT's quality, but also his level of devotion to his primary responsibility of investigation and tracking. The following elements of the lesson plan must be thoroughly examined according to the legal framework the judicial authority (Parliament or House of Representatives): a) The clarity and appropriateness of the Criminal behavioral objectives b) The relevancy and adequacy of the lesson notes, c) The selection of relevant Leadership teaching aids, and c) The selection of appropriate evaluation methodologies to measure the extent of effectively achieving the goal. ii. Lesson Presentation When the targeted objectives are met, Leadership education is considered to be effective. The AML/CFT Leaders must pay close attention to the following aspects: a) The Leader's quality, skills, clarity of laws, intelligibility and appropriateness of rules, effective use of leadership equipment such as Fin-Tech- audio-visual aids and investigation tools, etc., b) The Leader’s knowledge of the subject matter in terms of structure and sequence, c) Leader 's knowledge of the subject matter in terms of structure and sequence, d) Use of information management techniques including skills in affixing, affixing, affixing, affixing, e)
  • 8. E-four and AAF Consulting Firm Journal 1 iii. Reference Materials It is impossible to miss the usage of relevant reference materials such as Legal Instruments, Regional and International treaties textbooks, schemes of work, and syllabuses. The following issues must be investigated by the Leaders: a) The item's or topic's significance. b) The materials' relevancy and logicalness, c) The order in which the contents are presented, and so on. d) Using current materials rather than outmoded ones. iv. The Relationship between Leaders and workers Without a doubt, a positive interpersonal relationship between professional and Leaders may foster effective preventive mechanism and help institution achieve their AML/CFT roles Objectives. In this regard, the Leaders must seek true affection and concern, as well as a positive and accepted attitude among workers and partners. His ability to adjust or tolerate, as well as, if possible, provide a hand through guidance and counseling services, must be taken into account. v. team Management Good team management makes the teaching and learning process go more smoothly. The following must be known by the principal or other Designated AML/CFT personnel: a) The ability to discipline and control personnel, b) Reward skills to reinforce good performance or conduct, c) The ability to identify cases and causes vi. Personnel’s' misbehavior, d) The creation of a conducive Work climate, e) Personnel working arrangements, and f) The physical condition of their Services  Personality of the Staff Personal features or attributes, emotional status, looks, IQ, physique, leadership skills, communication skills, and so on are all part of a AML/CFT Leader's personality. Challenges of AML/CFT Supervision and Monitoring There are a number of issues that work against efficient supervision and Monitoring in AML/CFT field of work.  Inadequacy of Personnel: In our Board, the number of professionally trained supervisors and Monitors is far insufficient to meet the demands of an effective and efficient supervision and monitoring program. Because the Fin-Crime's Criminals population has outgrown the required Personnel -to-criminal ratio, most Leaders' only concern in terms of AML/CFT is ensuring that there are enough Resources to staff the work.  External Professional supervisors or inspectors are in short supply: External supervisors and inspectors are usually Ministry of Finance or National Banks Board or Financial Institution officers who have been assigned to assess the level of conformity of AML/CFT instructional activities with government -approved standards. Unfortunately, due to the enormous number of government Leaders and Personnel, this group of workers is frequently in short supply. According to Ogunu (2005), as a result of the lack of supervisory personnel, many unprofessional acts are carried out in our Boards and Financial Markets, often to the disadvantage of the Country.
  • 9. E-four and AAF Consulting Firm Journal 1  Lack of Time: According to Ogunu (2005), AML/CFT principals are so swamped with administrative responsibilities that they have little time to visit AML/CFT Offices and evaluate how Personnel are doing. We cannot expect Personnel to perform well when AML/CFT Leaders devote more time to correspondence with the Ministry of Finance and its parastatals, community affairs, Financial Institutions, and a slew of other responses to key demands while neglecting their primary responsibility of overseeing AML/CFT in the Offices. Some unethical Monitors and Superiors take advantage of the AML/CFT lack of monitors to further their own selfish goals.  Inadequate Financial and working Materials: Without Financial and working Materials, there can be no effective oversight of AML/CFT. Most Boards, according to experience, lack even the most working materials and equipment, such as Fin-Tech, Machine Learning, AIs, and suitable Offices for Personnel. Apart from circumstances when there is nothing to monitor, there are others where the supervisor lacks the necessary facilities and tools. External supervisors and Monitors (Leadership), for example, frequently lack the necessary transportation and Vehicles and other supplies to carry out their duties. Inadequate Instructional Supervision Training and Orientation: Many newly appointed AML/CFT Personnel do not receive the essential training and orientation to equip them with the skills they need to carry out their Monitoring and supervisory responsibilities. They get by for years without realizing what instructional supervision is or how to go about doing it.  Inadequacy of money: Head of AML/CFT Agencies are frequently unable to conduct in-house orientation and in- service programs for their staff or to travel to other places around the Boards and resource centers to learn about new innovations in AML/CFT and Financial Outflows that may help their Institutions due to a lack of funding. If the government's aims for national development are to be met, it must provide appropriate funding and skilled staff for the monitoring of AML/CFT in our Boards.  2.2 Theoretical framework In this study (Mbua, 2003), numerous ideas linked to supervisory and Monitoring skills will be examined. These theories serve to explain several theories of motivation that aid in improving effective monitoring and supervisory skills for AML/CFT leaders. Some of them are discussed farther down. Needs are arranged in a hierarchy. Abraham Maslow proposed this idea to define the personal and professional needs that all humans instinctively seek. Physical, safety, social, self-esteem, and self-actualization are the five degrees of human needs. Maslow's hierarchy of needs, while originally developed in the realm of psychology, has significant implications for comprehending monitoring and supervisory models and ideas. Hierarchy aids monitoring and supervisors in comprehending how both Leader and Personnel advance in achieving their life goals based on their various degrees of requirements and fulfillments. Supervisors and Monitors must make an effort to connect with both Leaders and Personnel in order to comprehend their feelings and expectations. This is critical in terms of involving programs for monitoring and supervision. The X-Theory Douglas McGregor introduced this notion, claiming that most individuals despise working and only do so because they need money. A Monitoring and supervisory model of theory of x encourages AML/CFT workers to be closely monitored and motivated to accomplish more. Y is the theory. According to the hypothesis, some employees enjoy working and even look forward to it. These people take pride in their profession and may have personal goals that serve as natural sources of inspiration and motivation. As a Monitoring and supervisory model, the theory proposes that AML/CFT leaders spend more time looking after their Personnel, resulting in a more pleasant and comfortable working atmosphere. Monitoring and Supervisory responsibilities would entail assisting Leaders and Personnel in achieving successful AML/CFT outcomes. Motivational paradigm based on expectation. Motivating people to perform at a high level at work is critical for a small firm because each employee's function in the organization is important. According to this approach, Monitoring and
  • 10. E-four and AAF Consulting Firm Journal 1 Supervision should focus on both Leaders' and Personnel' perceptions of intended outcomes. Leaders and Personnel will be more effective if they understand what inspires them. Three principles are established by the model: the relationship between effort and performance, the relationship between rewards and performance, and the relationship between attractiveness and rewards. And Monitoring and Supervisory programs should focus on fostering positive relationships between Leaders and Personnel (Besong, 2015). 2.3 Contextual Reviews This paper reviews the Fund’s efforts to safeguard financial integrity and proposes the way forward for the Fund’s Anti- Money Laundering and Combating the Financing of Terrorism (AML/CFT) Strategy. For over 20 years, the IMF has recognized that effective AML/CFT frameworks, and financial integrity more broadly, are key to the soundness and stability of the financial sector and to prevent the negative macroeconomic implications of financial crimes on the broader economy of members, progressively integrating this work across all its core functions and in a broad set of Fund policies. The paper takes stock of the implementation of the IMF's AML/CFT strategy since 2018. It also proposes deepening the integration of financial integrity issues and an enhanced focus on the macroeconomic impact of AML/CFT issues for the way forward. IFF have received increased attention globally due to their significant adverse effects on the macro-economies of countries where they originate, transit, and/or are integrated. This background paper takes stock of the efforts to estimate and address cross-border IFF and discusses potential solutions that the Fund could advance to mitigate IFF, highlighting how technology can be leveraged to analyze big data on cross-border payments and prioritize efforts. The paper discusses the economic impact of IFF and how the Fund—although it does not yet have a dedicated policy on IFF—could help address related macroeconomic risks building on its anti-money laundering and combating the financing of terrorism (AML/CFT) strategy and the Framework for Enhanced Engagement on Governance. A. Addressing IFF1 1. In recent years, IFF started attracting increased attention of policymakers, civil society, and international organizations. Relevant work by the United Nations (UN), the World Bank, the Organization for Economic Co-operation and Development (OECD), national AML/CFT authorities’ risk assessments; and typologies of relevant crimes contributed to the growing awareness about IFF adverse effects on tax and broader public financial expenditures and revenues, external and financial sectors’ stability, and governance and rule of law. In addition, IFF are often discussed as a barrier to sustainable and inclusive economic growth, benefiting narrow elites and widening inequality, promoting informality, and undermining social cohesion and trust in governments. 2. International organizations and civil society organizations (CSO) have contributed to a multi-pronged global agenda on IFF. The discourse around IFF gained increased prominence in 2015 with the adoption of the Sustainable Development Goals (SDGs), which include tackling of IFF as a target2 in its recognition as a key disabler of sustainable development. In recent years, IFF have been recognized among significant global economic challenges, as reflected, for instance, by the Group of Twenty (G20) and Group of Seven (G7).3 International organizations including the World Bank and the OECD have also been active in global efforts against IFF, for instance, through development of methodologies and toolkits on measurement of IFF as well as through analytical and capacity development (CD) support on topics including AML/CFT, anti-corruption, beneficial ownership transparency, stolen assets recovery, among others to strengthen countries’ capacity to tackle IFF. 3. Methodology of the Research This section discusses the research methodology used in qualitative and quantitative studies. It covers topics such as targeted respondents, research techniques, research materials, data collection, and data analysis. Respondents in AML/CFT, such as Personnel and monitors and supervisors, are the focus of the study. For a population of roughly 5500 AML/CFT leaders, the sample size is around 1000. Purposive-random sampling was used to pick the respondents. Data was gathered from AML/CFT Leaders, Personnel and AML/CFT sources. To evaluate significant levels, the data was displayed using frequency distribution tables, pie charts, and other statistical methods, such as regression analysis and chi-square. A pilot system was used to distribute questionnaires. Closed-ended questions were included in the questionnaires, with respondents having the option of agreeing, disagreeing, or remaining undecided. The scale had three
  • 11. E-four and AAF Consulting Firm Journal 1 numbers: three for agree, one for disagree, and zero for undecided. The null hypothesis is rejected when the coefficient value falls between 0.48 and 0.76, according to the decision rule. 4.1 Data Presentation and Analysis. The four variables under investigation were set in both null and alternate hypotheses. Table 4.1: Presentation of the responses to hypothesis 1. hypothesis1 Agree F % Disagree F % Uncertain F % Total F % There is effect of professional training on monitoring and supervisory skills 750 75 250 25 0 0 1000 100 TOTAL 3 1 0 4 Table 4.2: presentation of responses to hypothesis 2 Hypothesis 2 Agree F % Disagree F % Uncertain F % Uncertain F % There is no significant effect of MF/FIs on Monitoring and supervisory skills 600 60 330 33 70 7 1000 100 Total 3 1 0 4 Table 4.3: presentation of responses to hypothesis 3. Hypothesis 3 Agree F % Disagree F % Uncertain F % Uncertain F % There is a positive effect of motivation on monitoring and supervisory skills 350 35 500 50 150 15 1000 100 Total 1 3 0 4 Table 4.4: Presentation of responses to hypothesis 4. Hypothesis 4 Agree F % Disagree F % Uncertain F % Uncertain F % There is a positive relationship between communication and supervisory skills 700 70 500 50 150 15 1000 100 Total 1 3 0 4 Table 4.4: Presentation of responses to hypothesis 4. Hypothesis 4 Agree F % Disagree F % Uncertain F % Uncertain F % There is a positive relationship between communication and supervisory skills 700 70 500 50 150 15 1000 100 Total 1 3 0 4
  • 12. E-four and AAF Consulting Firm Journal 1 Hypothesis 1. The calculated value of 0.143 is greater than the critical value of 0.346. According to the decision rule, we reject the null hypothesis and accept the alternate hypothesis. Since the contingent coefficient of .057 lies between 0.48 and 0.76, we agree that there is a significant effect of professional training on monitoring and supervisory skills. Hypothesis 2. The calculated value is 0.345 and the critical value is 0.97. According to the decision rule, we reject the alternate hypothesis and accept the null hypothesis. Since the Contingent coefficient of 0.83 is above 0.76, we accept the null hypothesis that there is no significant effect of FM/FS on Monitoring and supervisory skills. Hypothesis 3. The calculated value is 0.512 is lesser than 0.125 critical value. The alternate hypothesis is rejected. Since the Contingent coefficient of 0.79 is above 0.76, we disagree that there is a significant effect of motivation on supervisory sills. Summary of findings. The results above show that;  There is a positive effect of professional training on Monitoring and supervisory skills  There is no significant effect of FM/FS on Monitoring supervisory skills.  There is no effect of motivation on Monitoring and supervisory skills. 5.1. Policy Recommendations The above mentioned findings of the study suggest the following recommendations in order to improve Monitoring and supervisory skills for leaders of AML/CFT in Africa. 1. Training and retraining of Leaders in Monitoring and supervisor: The training of new Monitoring and supervisors, as well as the retraining of existing Monitors and supervisors, should be prioritized. For this objective, special training centers with experienced and practicing Perfects on Monitoring and supervisors should be established. This is significant because the use of old or obsolete techniques or methods contradicts the spirit of Fin-Crime inspection. Monitoring and Supervisors could be sponsored to attend seminars, workshops, or conferences to keep up to date on modern and appropriate Monitoring and supervisory procedures. 2. Morale Boosting: The relationship between motivation and skill performance has been studied extensively. If Monitoring and supervisions are properly motivated with available work materials such as stationery, transportation, a pleasant working environment, and increased salaries and allowances, their morale may improve, affecting their skills. 3. Employment of Monitors and supervisors with higher educational qualifications: Monitors and Supervisors with higher educational qualifications are more likely to outperform those with lower qualifications in the sector. Education professionals with greater qualifications, according to Okoro (2004), have more confidence in their workplace. Furthermore, they have easier access to quality information and can adapt to changing occupational conditions than their lower-qualified counterparts, who are typically less prepared and ill-equipped to adapt to modern changes. 4. International and inter-state exchanges: It has been proposed that a purposeful and government-sponsored international and interstate exchange of monitoring and supervisory individuals and experiences could improve monitoring and supervisory skills. Nigeria, Ghana, Gambia, Sierra Leone, Canada, and other countries with similar educational policies could participate in such exchange programs. The goal is to ensure that ideas are cross- pollinated and that different approaches to comparable problems or challenges are explored. 5. Improved Selection Criteria for Monitoring and Supervisors: Supervision is a technical task that necessitates a thorough, objective evaluation. As a result, persons charged with this task should be carefully chosen from among the available education personnel in AML/CFT field or state ministries, Agencies and Civil Societies. A
  • 13. E-four and AAF Consulting Firm Journal 1 particular aptitude test could be used to assess candidates' suitability by examining several aspects of their personalities. According to Obanya (2005), this demanding exercise boosts confidence, which is essential for skill acquisition and performance. 6. Further training programs against Unprofessional Performance: In order to strengthen the skills of AML/CFT Monitoring and supervisors, relevant actions should be leveled for monitors and supervisors who are not professionalized and who tend to undermine the desired standard. A system in which mediocrity is lauded and standards are abandoned, while monitors and supervisors who excel in their assignments should be recognized appropriately, either in kind or in cash, penalizing substandard performance could serve as a deterrent to others. 7. Motivation for good Performance: While many forms of incentive have the ability to raise employee morale, they also have the ability to encourage increased performance and the development of high-quality abilities. As a result, monitors and supervisors who work well should be paid appropriately in order to preserve and, if feasible, increase their abilities. Conclusion The need to attain relevant skills without waste of resources by those charged with monitoring and supervisory roles to achieving the said goals of AML/CFT Leaders education cannot be undermined. Consequently, collaborative efforts should be made towards providing improved skills acquisition strategies by concerned stakeholders in the AML/CFT sector. It is hoped that if the content of this paper is given the desired attention, the quality of skills and competencies of heads or Leaders as AML/CFT monitors and supervisors would be improved and the standard of AML/CFT could be better for it. REFERENCES Accenture. 2013. The Future of Identity in Banking. AFI. 2016. Denarau Action Plan: The AFI Network Commitment to Gender and Women’s Financial Inclusion. AFI. 2017. Expanding Women’s Financial Inclusion in Bangladesh Through MSME Finance Policies. AFI and Women’s World Banking. 2016. Policy Frameworks to Support Women’s Financial Inclusion. AFI. 2017. Guideline Note No. 27: Integrating Gender and Women’s Financial Inclusion into National Strategies. AFI. 2017. De-Risking, FinTech and Gender in focus at the 9th Annual G-24/AFI Roundtable in Washington DC. AFI. 2018. Proportionality in Practice: Case Studies. APG. 2016. Anti-Money Laundering and Counter-Terrorist Financing Measures: Bangladesh Mutual Evaluation Report. Better than Cash Alliance. 2017. Caselet: Digitising Wage Payments in Bangladesh’s Garment Production Sector. Bangladesh Bank. 2017. BFIU Circular Letter No. 01: Issuance of “Uniform Account Opening Form & KYC Profile Form” for Banks. Bangladesh Bank. 2017. BFIU Circular No. 20: Instructions to be followed by the institutions engaged in the mobile financial services for prevention of money laundering, terrorist financing and proliferation financing. Bangladesh Bank. 2016. Identifying Money Laundering and Terrorist Financing Risks in Bangladesh. BFIU. 2016. BFIU Annual Report, 2015–16. BIS. 2012. Basel Committee on Banking Supervision Core
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