The Council of Europe anti money laundering and counter terrorist financing body MONEYVAL has published its General Activity Report for 2017.

Presenting the report to the Committee of Ministers of the Council of Europe on 30 May, the Chairman of MONEYVAL, Daniel Thelesklaf, pointed out that it is evident that the threats of being exposed to money laundering and terrorist financing are increasing. He also stressed that countless cases of money laundering are being reported by the media and brought to the attention of the general public.

“The lack of transparency of legal entities and trusts persist and international cooperation is still not working as effectively as it should be. We also need to improve information-sharing with the private sector and across borders”, he said.

Moreover, the Chairman underlined the need for more specialised training for investigators and prosecutors and to involve prosecutors at the early stages of investigations.

In 2017 MONEYVAL continued its role as an international global player in the global network of anti-money laundering and counter-terrorist financing bodies and actively monitored 21 jurisdictions through the adoption of mutual evaluation reports, including onsite visits, or follow-up reports.

Daniel Thelesklaf, President of Moneyval : Intervention by the Chair
Chairman´s presentation to the Committee of Ministers. MONEYVAL Annual Report

The world is losing out to the tune of $23,620 a person by failing to pay women and men equally, according to the World Bank. Gender pay gap costs global economy $160tn, says World Bank study- GenderInequality

Analysis of lifetime earnings across 141 countries suggests failure to reward women and men equally generates huge global loss. A chalkboard line graph featuring male and female figurines demonstrates the gender pay gap.

Gender equality would enrich the global economy by an estimated $160tn (£120tn) if women were earning as much as men in the workplace, a study by the World Bank has found….Theguardian.com

Unrealized Potential: The High Cost of Gender Inequality in Earnings

Rodrigo de Matos
www.w-t-w.org/en/rodrigo-de-matos/

Sustainable Finance:
The EU- Commission is today delivering the first concrete actions to enable the EU financial sector to lead the way to a greener and cleaner economy.

Today’s proposals confirm Europe’s commitment to be the global leader in fighting climate change and implement the Paris Agreement. The involvement of the financial sector will greatly boost efforts to reduce our environmental footprint while enhancing the sustainability and competitiveness of the EU economy…Europa.eu/press-release
Report-Sustainable-Finance-EN

Women & Banking: India’s financial inclusion suffers from a gender gap
Indian women score disproportionately low on ordinary functions such as savings and borrowings: of more than three-fourths who have a bank account, less than a fifth (16.7%) save formally, i.e., at banks.

The World Bank recently published the results of its The 2017 Global Findex database, the third in the series from 2011. Findex surveys provide valuable information on financial inclusion and behaviours across countries. For India, the acceleration in account ownership (Jan Dhan Yojana) has already been highlighted, as has the extremely low utilisation: 80% Indian adults now have a bank account—27 points higher than the 53% estimated in Findex 2014 round, which showed 17 points addition to the 2011measure (35%). The fast progress is accompanied by higher inactivity as 48% of accounts saw no deposits or withdrawals in 2017, compared to 44% in 2014. This gap in access and usage is even more telling for females, where evidence indicates inclusion policies providing entry to formal finance fail to bridge gender inequalities, for which specific, broader intervention efforts are needed….

Abundant global evidence about low female presence in formal financial markets has spurred international efforts for improvement, acquiring developmental focus at various forums. Financial inclusion of women was specifically integrated into the G20’s global development agenda (2012) and features in its action plan to achieve its commitment to reduce the gender workforce participation gap by 25% by 2025 (25 by 25); it figures indirectly in gender equality and female empowerment goals of the UN’s Sustainable Development Goals; while the World Bank and IMF have actively gathered evidence and promoted research to help formulate appropriate policies in recent years…. financialexpress.com

It’s no coincidence that movies like “Wall Street” and “Wolf of Wall Street” paint the finance industry as testosterone laden, especially on the trading floor of the New York Stock Exchange. While the U.S. financial services industry employs many women, according to a recent survey conducted by Catalyst, representation in financial services senior leadership roles remains low. Women made up only 35.9 percent of CEOs and executive level positions of Fortune 500 companies…..The Global Gender Gap Report 2 017

As CEO of the Global Fund for Women, Musimbi Kanyoro works to support women and their ideas so they can expand and grow. She introduces us to the Maragoli concept of “isirika” — a pragmatic way of life that embraces the mutual responsibility to care for one another — something she sees women practicing all over the world. And she calls for those who have more to give more to people working to improve their communities. “Imagine what it would look like if you embraced isirika and made it your default,” Kanyoro says. “What could we achieve for each other? For humanity?” Let’s find out — together.

About the speaker
Musimbi Kanyoro · Women’s rights activist

Dr. Musimbi Kanyoro is globally recognized for her leadership of organizations and initiatives that advance health, development, human rights and philanthropy for communities, specifically for women and girls.

1. 10 Reasons to Invest in Women and Girls

1. More inclusive government. If you’d like to see less fighting among your elected officials, encourage women to run for public office. According to USAID, countries where women hold at least 30 percent of political seats are more inclusive, egalitarian and democratic.

2. Improved public service delivery. The next time you’re frustrated by poor roads or a lack of potable water, vote for a woman. USAID reports that women’s political participation increases cooperation across party and ethnic lines and government responsiveness to citizens.

3. Greater farm production. The UN’s Food and Agricultural Organization found that by empowering women farmers with the same access to land, new technologies and capital as men, crop yields could be increased by as much as 30 percent.

4. Fewer hungry people. When women succeed, society succeeds. Nowhere is that more clear than in food production. In that same report, the Food and Agricultural Organization estimates that a 30 percent boost in production can reduce the number of hungry people by 150 million.

5. Increased buying power. As the World Bank’s chief economist, Lawrence Summers said, “Investment in girls’ education may well be the highest return investment available in the developing world.” Each year of secondary school boosts a girl’s future earning power by roughly 20 percent.

6. Stronger economies. Educating a girl pays dividends for her family and her country, too. According to USAID, when 10 percent more girls go to school, a country’s GDP increases on average by 3 percent.

7. Fewer child deaths. Women who are educated are better able to take care of themselves and their children. According to UNESCO, a child born to a mother who can read is 50 percent more likely to live past age five.

8. Less HIV/AIDS. For UNICEF, education is essential to slowing the spread of HIV/AIDS. That’s because girls who are better educated are less likely to engage in casual sex.

9. Fewer conflicts. When women’s lives are valued, their experiences considered and their voices heard, better outcomes prevail. Through its peacekeeping operations, the UN has found that when women are included, deadly conflicts can be avoided.

10. More lasting peace. Women have an important role to play in driving reconciliation and reconstruction. According to the UN, including women in conflict negotiation and peacebuilding efforts can lead to more widely accepted and durable peace agreements…Young African Leaders Initiative