Ver Angola

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The compliance challenge in Covid-19 times

Samuel Chilua

At a time of global calamity, in which the veil of many countries was regrettably "stripped" leaving them in a deficient situation in view of the countless needs of an elementary nature for the survival of human life. The question that possibly dominates the professional class in the compliance world is effectively this: What should be the role of compliance in the face of this universal scenario?

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Covid-19 brought to the world, a set of challenges of various kinds, from social, cultural and economic, and to combat it, all the living forces of society are called, whether in compliance with civic-sanitary rules, as in providing aid, to the Government, to disadvantaged families, who in times of state of emergency go through numerous difficulties, particularly on the African continent.

In a context of unprecedented growth in humanitarian aid of various kinds, from International Organizations; Governmental Organizations; Non-governmental organizations (NGOs); Associative Movements, Churches; Private Entities and others ..., can be an ideal moment to launder money and improve the reputation lost in society by previous acts connected with some sociomoral disgust.

After all, what is worth more: The origin of the funds or the intention of their application? The answer to this question may generate some controversy in the different social nuclei. obviously, the answer to this question would be easily answered by compliance experts. Notwithstanding this, it is questioned, to what extent the new world context vis-à-vis Covid-19 may interfere in an analysis of these issues. ... let us reflect ...

Every activity per se carries an inherent risk in its development, not being the case, except for money laundering activity, in which the money launderer is willing to incur costs without the "apparent return - consideration" , which at the end of the day, the apparent lack of return will translate into an improvement in his image, thus seeking to solidify more and more his supposed irreproachable character.

Compliance rules exist to be followed both in private and public follow-up.

As an example, for the first case, non-profit organizations are characterized by Angolan law as high-risk entities, thus forcing banks to perform due diligence on their operations, trying as hard as they can to get away from their Layout the risk of money laundering. Because, in the current context, the challenge worsens, to the extent that atypical financial movements in your accounts can be verified with the justification of solidarity aid to combat Covid-19?

It is in times of great turbulence, when some try to make the most of their fraudulent actions. It is worth calling attention here, both to the Departments / Compliance Offices of the Financial System (Banking and Non-Banking Institutions), as well as the State General Inspection Office to redouble its efforts in mitigating the risks arising from such actions that in no way endorse the course desirable country.

On the other hand, all the costs incurred for the realization of public projects such as: The purchase of biosafety material and products for disease prevention, the rehabilitation of local markets, nursing homes and others, at a time when all efforts are aimed at mitigating the spread of the Covid-19 pandemic, should be monitored, culminating in a final report if possible, so that everyone is aware of all the actions undertaken by the State in this endeavor, taking into account that transparency is one of the principles pursued by the State in all dimensions.

It is important to remember that corruption, such as bribery and unbridled overbilling, should not take place in negotiations with the companies selected for the supply of biosafety materials and / or any other material necessarily used to combat Covid-19.

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All together we will win Codid-19.

Together we are stronger.