FATF Dialogue Ends with Roadmap for Risk-Based Reforms, Financial Inclusion for NPOs

By Omoyeni Ojeifo

Three days of deliberations on the implementation of the Financial Action Task Force (FATF) Recommendation 8 ended with participants identifying practical reforms to strengthen financial inclusion for legitimate non-profit organisations while sustaining efforts to combat money laundering and terrorism financing.

The high-level dialogue, themed “Implementing FATF Recommendation 8 Correctly: Practices, Lessons Learned and Opportunity for Reform,” brought together participants from across Africa.

Persecondnews correspondent reports that the programme featured a pre-conference masterclass, technical sessions, plenary discussions and a closing ceremony.

Participants examined evolving terrorism financing threats, anti-money laundering and counter-terrorism financing (AML/CFT) standards and FATF Recommendation 8, stressing that governments should adopt evidence-based, risk-based approaches instead of blanket compliance measures that unfairly affect legitimate non-profit organisations.

They observed that many organisations continue to face delayed transactions, account restrictions and funding challenges because banks and financial institutions often classify the non-profit sector as high-risk.

The conference recommended stronger financial transparency through accurate accounting systems, comprehensive financial records, independent audits, due diligence, compliance training and internal governance.

Participants also encouraged continuous engagement with regulators, sector-led self-regulation and better communication to strengthen accountability and public confidence.

Throughout the three-day conference, Persecondnews, the event’s media partner, provided comprehensive coverage of the pre-conference masterclass, technical sessions, plenary discussions and closing ceremony, helping to amplify conversations on FATF Recommendation 8 and reforms affecting the non-profit sector across Africa.

Closing the conference, Executive Director of Spaces for Change, Victoria Ibezim-Ohaeri, thanked government agencies, development partners, international organisations, civil society organisations and participants.

She also acknowledged the conference’s financial and technical partners, including institutions working in anti-money laundering, counter-terrorism financing, banking, financial intelligence, regulation and development cooperation.

Ibezim-Ohaeri specially thanked Persecondnews, the conference’s media partner, for providing comprehensive media coverage throughout the three-day programme at no cost to the organisers.

She described the support as invaluable to the success and visibility of the conference.

She disclosed that more than 60 speakers participated throughout the event and expressed optimism that partnerships built during the three-day dialogue would advance implementation of FATF Recommendation 8 across Africa.

“We hope to sustain the vibrant friendships and connections we have built over the last three days.

“The reward for good work is more work, and we look forward to working even harder with all our partners,” she said.

While the conference sessions wrapped up with the closing ceremony, Persecondnews reports that the event will officially conclude on Friday after participants embark on a scheduled tour of the FCT.