Financial Services Volunteer Corps

To help Albania is in its efforts to join the European Union, FSVC is implementing a program, with support from USAID and the Volunteers for Economic Growth Alliance (VEGA), to strengthen the quality and consistency of financial sector regulations and supervision. Activities include developing capacity at the Bank of Albania to detect emerging credit problems,communicate with banks and provide policy advice; assisting the Financial Supervisory Authority in creating a risk-based insurance supervision framework; and supporting the Deposit Insurance Agency in strengthening its risk management.

FSVC, in partnership with USAID and the Open Society Foundation, is implementing a program to promote regional financial sector deepening and integration among the five members of the East African Community. Notably, FSVC has helped identify and address regulatory issues impeding integration; assisted the insurance sector in formally adopting a harmonized supervision manual; and contributed to an EAC regional regulatory structure for pensions and a work plan for regulating payment and settlement systems.

FSVC, with support from the U.S. Department of State, has been a key partner to regulatory authorities,
financial institutions and others in Kenya, Tanzania and Uganda in strengthening their anti-money laundering/combating the financing of terrorism (AML/CFT). FSVC’s program is yielding significant results in strengthening the AML/CFT capacity of commercial banks, non-bank financial institutions and designated non-financial business and professions. FSVC is also helping to improve AML/CFT supervision and examination by central banks and other key regulators.

Jordan has committed to increasing access to budget information at every level of government, including access to timely data in formats that can be easily understood by the general public. To help meet this objective, FSVC, in partnership with the U.S. Department of State’s Middle East Partnership Initiative (MEPI), helped the government publish the first Citizens Budget (non-technical, easy to understand general budget) in cooperation with Jordanian civil society organizations. FSVC has also helped increase dissemination of the Citizen Budget three fold to reach rural areas and increase budget awareness across Jordan. Additionally, FSVC helps civil society organizations understand and monitor public expenditures, and advocate effectively for greater transparency in the government’s budget and expenditures.

FSVC, with support from the U.S. Agency for International Development (USAID), is implementing a program to help improve the management of public financial resources in Angola. Inefficient management of tax revenues from oil, trade and income prevent the Angolan government from providing its population with adequate infrastructure and services. FSVC’s program aims to assist the government with addressing these inefficiencies in budget management and tax collection, and help improve the ability of civil society organizations to advocate for budget reforms and effectively monitor government expenditures in Angola.

With support from the U.S. Department of State, FSVC is providing technical assistance to fight corruption and promote fiscal transparency in Tunisia and Libya. In Tunisia, FSVC is working with government ministries on how to design, negotiate and present a budget, and work with civil society organizations to strengthen their capacity to advocate for greater fiscal transparency in this area.

FSVC’s program to “Develop a Financial Intelligence Unit in Tunisia” is funded by the U.S. Department of State’s Bureau of Counterterrorism. The program 1) strengthens anti-money laundering/combating the financing of terrorism (AML/CFT) capacity of Tunisia’s Financial Intelligence Unit (FIU) and 2) improves the AML/CFT supervisory capacity of financial sector regulators including the Central Bank of Tunisia, the Tunisian Capital Markets Authority and other financial institutions.