-GIABA hosts briefing Session for ECOWAS Member States and Partners in Dakar
In a bid to heighten global strives against illicit financing, the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) has convened a two-day annual briefing session and conference at the Radisson Blu Hotel in Dakar.
Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) are measures put in place to combat illicit financing. Money laundering involves the process of making illegally obtained funds appear legitimate, while terrorism financing involves providing financial support to terrorist organizations or activities.
Conducted simultaneously on June 13-14, 2024, the event brought together Ambassadors of ECOWAS member states, technical partners, a Representative of the Ministry of Finance Souleje Diallo, and journalists from across the fifteen ECOWAS states.
During the opening session of the conference, GIABA’s Director General Edwin Harris emphasized the organization’s primary focus on developing effective Anti-Money Laundering, Counter Financial Terrorism, and Proliferation financing regimes in member states. He highlighted the importance of redefining the precepts that support the work of GIABA.
Director General Harris noted that in 2023, GIABA saw an increase in the use of typologies by member states to understand prevalent predicate crimes that undermine economic sectors and hinder development. GIABA has worked to provide technical assistance to member states by unveiling trends and methods in typologies and research works.
Recognizing the ongoing nature of the process, the Liberia Director General Edwin Of Ecowas (GIABA) urged stakeholders to remain committed and develop strategies for addressing both existing and emerging challenges in Money Laundering, Terrorism, and Proliferation Financing.
Reflecting on the achievements of the GIABA 2023 annual report, DG Edwin Harris highlighted the success of GIABA’s participation in the Financial Action Task Force (FATF) effectiveness improvement program (EIP). This program enabled GIABA to enhance its operational efficiency and effectiveness as a FATF-style regional body (FSRB) within agreed timelines.
As a direct result of the EIP, GIABA introduced new program activities that fully addressed the challenges it faced, and more profoundly, increased its advocacy efforts designed to sustain the positive gains achieved.
In consideration of the leadership of the Liberian Director General of Ecowas GIABA, GIABA completed the mutual evaluation of all 15 Ecowas member states, and will, in 2024, conclude the mutual evaluation of all islands with the adoption of the Management Expense Ratio and undertake the onsite visit to the democratic republic of São Tomé and Principe, respectively.
The Intergovernmental Action Group against Money Laundering in West Africa(GIABA) is a specialized Ecowas institution. It is responsible for the prevention and control of money laundering and terrorist financing in West Africa and has been making significant progress in organizing sensitization programs on the deleterious effects of money laundering and terrorist financing in West Africa.
The report shows that nine sectors have attended the program with a total of eight ninety males and three hundred and nine females participating including five hundred and forty persons who were trained virtually.
These meetings serve as a strengthen visibility around GIABA activities, inform target audiences about new developments, and solicit their participation in the dissemination of money laundering and counter financing within the sub-region.
