Mr. Assad Abdullatiff, Managing Director at Axis, was featured in an article from Le Defi Quotidien, issued on 03 June 2022, whereby he shared his concerns on the financial risks associated with the charitable sector, further to his speech at Comsure’s annual financial crime conference.

Given its sheer size and the number of monetary transactions they engage in, the charitable sector is viewed as a potential prey for money laundering practices and the financing of terrorism. Mr. Abdullatiff also reiterated the need for stringent regulatory measures to counter financial malpractices occurring at the expense of charitable organisations.

Furthermore, Mr. Abdullatiff presented the measures deemed necessary to mitigate the risks of illicit financial transactions through diligent practices to ensure that potential risks are being identified and that the appropriate measures are being implemented to counter fraudulent practices. He also highlighted the importance of sensitizing charitable organisations to the financial risks associated with the charitable sector while also endorsing the establishment of regulatory practices which align with their objectives.

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