Monthly Update
July 2017
FSVC Participates in Capitol Hill Briefing on Economic Development

On July 12, FSVC President & CEO Andrew Spindler joined a panel discussion on Capitol Hill concerning the modernization of U.S. foreign aid to encourage economic growth in developing countries.  The panel was sponsored by the Modernizing Foreign Assistance Network and the Consensus for Development Reform in cooperation with the Congressional Caucus for Effective Foreign Assistance, and focused on private sector-led economic growth as the only sustainable solution to global poverty.

Following remarks from the keynote speaker  Representative Ted S. Yoho (R-FL), expert panelists from international development agencies and policy organizations discussed ways in which the United States can provide greater leadership on economic growth in the developing world.

Representing FSVC and the Volunteers for Economic Growth Alliance (VEGA), Mr. Spindler provided his key insights on how volunteers from the U.S. private sector are invaluable partners in leveraging investments and expertise for more jobs and economic opportunity around the globe.

To learn more, please see VEGA's live Twitter recap here.  
Help support FSVC's critical work to improve lives in developing and emerging market countries.  Make a tax-deductible donation to FSVC today!
September 26, 2017 

The Yale Club of New York City · 50 Vanderbilt Avenue · New York, NY · 6 p.m. - 7:45 p.m.

Please join us for a panel discussion on

Financial Sanctions and “De-Risking”: The Intended and Unintended Consequences of International Regulatory Actions

A reception will follow.
Moldova: Developing a Financial Inclusion Strategy

In Moldova, only 18 percent of the country's 3.5 million citizens own a transaction account, leaving millions of people without access to savings, payments, credit and insurance.  Moreover, millions of dollars are transacted outside of the formal financial sector every year, inhibiting the government's ability to collect revenues and advance economic growth.   

As part of its program,  funded by the U.S. Agency for International Development (USAID) and administered by VEGA, to strengthen the Moldovan financial sector and promote financial inclusion, FSVC is working to help the National Bank of Moldova develop a financial inclusion strategy to bring more people into the formal economy. 

Working with  stakeholders from both the public and private sectors, FSVC volunteer experts conducted an initial assessment of the current level of financial inclusion and the feasibility of implementing a cashless payments solution in the country.  The assessment report will help establish a framework for a strategy to include more Moldovans in the formal economy through traditional and cashless payments accounts.   Bringing more people into the formal financial sector will help Moldovan citizens access financial services and products, encourage savings and investment, and promote economic development. 
Somalia: Protecting Mobile Transfer Businesses

FSVC is working with the Central Bank of Somalia (CBS) to develop and sustain the fundamental building blocks needed for a functional and formal financial sector in the Federal Republic of Somalia.

To achieve this objective, FSVC is helping to implement an effective anti-money laundering and combating the financing of terrorism (AML/CFT) regime in the country.  As part of this program, FSVC is working to strengthen the capacity of the CBS to regulate and supervise the money transfer business (MTB) sector, which is a critical and strategic component of the country's financial system as 40% of the country's economy depends on remittances from abroad.

As part of this program, FSVC deploys mentors on the ground to provide technical assistance to the CBS and MTBs through consultations, training and on-the-job mentoring.  Earlier this month, FSVC mentors conducted a workshop for 37 representatives from all 13 licensed MTBs in Somalia on best practices in AML/CFT compliance.  FSVC's training helped MTBs understand the warning signs associated with criminal financial activity, how to file reports with the Financial Reporting Center and cooperate with regulators to detect and prevent suspicious activities.  Ultimately, this program aims to help promote greater stability and security in Somalia's financial sector, while protecting remittances and facilitating economic growth.
FSVC Awarded New Grant in Angola and Swaziland

USAID has awarded FSVC a new grant to strengthen anti-corruption efforts and procedures in Angola and Swaziland.  This program follows a highly successful program to support public financial management in Angola (2014-2016), and will enable FSVC to begin working in Swaziland, the last absolute monarchy in Africa.

For more information about the program, click here.
About Us
The Financial Services Volunteer Corps (FSVC) is a not-for-profit organization that helps strengthen financial sectors in developing and emerging market countries.  It does so with the ultimate aim of promoting job creation, economic growth and a better quality of life.  FSVC structures practical, results-oriented technical assistance and training missions staffed by senior financial sector professionals who serve as unpaid volunteer experts.  Over the past 27 years, more than 9,500 volunteer experts from the international financial, legal and regulatory communities have taken part in 3,000 missions, impacting millions of people in 65 countries.