DAKAR, SENEGAL: On June 13 -14 2024, the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) held a two-day annual briefing session and conference in Radisson Blur hotel, in Dakar, Senegal .
The session brought together Ambassadors of ECOWAS member states, Technical partners, Representatives of the Ministry of Finance Souleje Diallo and journalists across the fifteen ECOWAS STATES.
Doing the opening section of the conference, the Director General, Edwin Harris, of GIABA emphasized the primarily focus which was the development of effective Anti-Money Laundering, Counter Financial Terrorism and Proliferation financing regimes in the member states and redefining the shape of the precepts that served as the fulcrum for supporting the works of GIABA.
He said in 2023 GIABA achievement was an increase in the use of outcomes of typologies by member states to help them to understand the prevalence of crimes that have the proclivity for undermining the economic sectors and derailing development in their countries.
“As part of its efforts to assist member states in building resilient Anti Money Laundering and Counter financing systems, GIABA has over the period unveiled many trends and methods through typologies and research works that facilitated the provision of reasonable technical assistance to member states,” he said.
He added that Ecowas has recognized this as a continuing process, and therefore calls on stakeholders to remain committed and to develop strategies for addressing both the existing and the very dynamic emerging Money Laundering, Terrorism and Proliferation Financing.
In recounting the achievements of GIABA 2023 i8n an annual report.
DG Edwin Harris highlighted the success of GIABA based on the Financial Action Task Force (FATF) effectiveness improvement program (EIP).
The program enabled GIABA to improve its operational efficiency and effectiveness as a FAFTF-Style regional body (FSRB) within the agreed timelines.
As a direct result of the EIP, GIABA introduced new programme activities that fully address the challenges it faced, and the 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 successfully 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.
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.
GIABA has concluded its two days annual briefing session for ambassadors and technical partners, it unveiled report on the data beneficiaries of capacity building programmes sector and number of beneficiaries.
The report shows that nine sectors have attended the program with a total of eight ninety males and three hundred and nine females including five hundred and forty persons who were trained virtually.
These meetings serve as a strengthen visibility around GIABA activities, inform targets audiences about new developments and solicit their participation in the dissemination of money laundering and counter financing within the sub-region.
