Cooperation of different disciplines and institutions is vital in making preventative measures on money laundering more effective.

International Monetary Fund (IMF) Representative, Mr. Ernesto Lopez, said this in his presentation at a four-day workshop on implementing effective Anti-Money laundering/Combating Financing Terrorism (AML/CFT) regime in Maseru on Tuesday.

Mr. Lopez said IMF as an integrity of financial systems is working tirelessly to ensure that money laundering is controlled for financial stability globally.

He said money laundering is a crime and affects the economy, hence the need to bring efforts together to combat it.

Mr. Lopez further said there are several misconception concerning issues of laundering of financing terrorism in countries in the Sub-Saharan region, where laundering is experienced.

'Money laundering is seen as a foreign issue which occurs in developed countries and the perception does not produce a high level of commitment to the process of combating the crime,' he said.

He however added that money laundering is a challenge facing all countries, hence need for joint cooperation to address the crime.

The workshop, which is facilitated by IMF Representatives through the Central Bank of Lesotho's request, is to determine areas that need to be strengthened in Lesotho to fight all forms of money laundering.

Participants have been drawn from organisations, which make up the anti-money laundering task team such as commercial banks, Ministries of Finance and of Justice, Directorate on Corruption and Economic Offences (DCEO) and other law enforcement agencies.

The workshop ends on Friday.

Source: LENA 13/11/2007