Monthly Update
July 2017
FSVC and Carnegie Corporation of New York Host 2017 Symposium in Dubai

On June 23-25, FSVC and Carnegie Corporation of New York hosted a symposium in Dubai, U.A.E, convening over 30 top experts from the United States, Russia, China, India and the European Union.  Since 2000, FSVC and Carnegie Corporation of New York have conducted annual symposia around the globe to discuss current economic,financial, energy security and environmental issues, and the respective roles of the world's major powers.

The theme of this year's symposium was "Building Cooperation in an Era of Growing Tensions."  In the wake of the tumultuous political and economic events of the past year, participants discussed the increasing global trends toward nationalism and the consequences for multilateral institutions and agreements.  Participants also addressed the health of the global financial system, the effect of domestic populist movements on foreign policy, and the implications for climate change and energy security now that the U.S. has announced its withdrawal from the Paris Agreement.

Two themes that surfaced repeatedly throughout the panel discussions were the lack of political leadership and growing youth unemployment.  Political leadership is needed to overcome the growing polarization of domestic political movements and increasingly isolationist policies occurring in the U.S., EU, Russia, China and India.  Youth unemployment will have profound destabilizing effects across virtually all sectors if solutions to create jobs for young people are not deployed.  
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East Africa: Preventing Terrorist Financing through Regional Networks

Over the first week of June, FSVC hosted a workshop in Dar es Salaam for senior regulators from Ethiopia, Kenya, Somalia, South Sudan, Tanzania and Uganda on best practices in information exchange between regulators and financial intelligence units (FIUs) to prevent money laundering and terrorist financing in East Africa. 

FSVC's project helped participants gain an improved understanding of how to establish effective information-sharing agreements with key regulators in their own countries and with other FIUs and agencies in the region.  FIUs and revenue authorities will be better positioned to coordinate anti-money laundering (AML)/ combating the financing of terrorism (CFT) efforts, share financial intelligence with their counterparts in the region, and prevent the cross-border movement of terrorist financing.  This work also has increased the awareness between FIUs and revenue agencies on the importance of mutual information exchange pertaining to AML/CFT activities, which will help address a key weakness in the regional AML/CFT regimes in East Africa.  
Moldova: Improving Central Banking Crisis Communications

In 2014, Moldova experienced a severe banking crisis followed by a recession. During that crisis, the National Bank of Moldova (NBM) demonstrated significant shortcomings in public communications and failed to sustain public confidence at a critical moment for the country‚Äôs financial sector. 

To help the NBM strengthen its ability to contain potential shocks to public confidence in the event of a future banking crisis, FSVC provided two volunteer experts in June to conduct a series of consultations with NBM staff and management that helped improve their strategy with regard to communications in times of crisis. 

As a result of this project, the NBM obtained a roadmap on how to establish an effective communications framework in the event of a crisis.  This work will lead to greater financial stability, as the NBM is better equipped to deal with extraordinary financial crisis situations in a timely and professional manner, thereby avoiding public panic, a decline in public confidence and potential bank runs.
Sustainable Results: Budget Advocacy Coalition Growing in Angola
From 2014-2016, FSVC implemented a program with funding from USAID to support public financial management in Angola.  The program focused on building capacity of the government to manage a national budget, and strengthening the ability of civil society organizations (CSOs) to advocate for budget priorities and reforms.

One of the key accomplishments under this program was the successful establishment of a budget monitoring coalition, the CSO Budget Participation Group (GOSCOP), the first coalition of its kind in Angola.  FSVC originally convened the group of 8 CSOs in August 2015 to discuss how the national budget affects various sectors, such as health and education.  FSVC was then able to provide subsequent training to the group on understanding key budget issues and developing budget advocacy tools.  With FSVC guidance, the group eventually established the formal coalition that continues to meet on a monthly basis to coordinate on budget advocacy efforts, even though FSVC's program has ended.  

The GOSCOP is continuing to work to ensure that key social sectors, like health, education and civil justice, receive appropriate representation in the creation of the Angolan national budget.  It is also working to provide input into the budget process, and acquire more information from the government to promote transparency and accountability in public expenditures.
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 26 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.