-Says Edwin Harris
MONROVIA: The Director General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA,) Mr. Edwin Harris, has disclosed that, Money Laundering and Terrorist Financing (ML/TF), constitute major obstacles to national development. He said, these crimes have had adverse impact on regional security and development, including erosion of reputation to the image of member States, loss of foreign direct investment, poor infrastructural development, dwindling confidence, and distortions in our political as well as financial systems.
He made the statements on Tuesday, December 3, 2024, at the 7TH Regional Inter —Universities Speech Contest on the Impact of money laundering and Terrorist Financing on Economics of West Africa.
Th forum was held on the campus of the Africa Methodist Episcopal University on Camp Johnson Road in Monrovia.
According to him, in response to the devastating effects of these crimes, the authorities of the Economic Community of West Africa (ECOWAS) established the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in the year 2000 as a clear demonstration of their political will to address these challenges within the region and to support the global fight against these vices.
He added that the primary mandate of GIABA is to develop measures to protect the economies of member States from abuse and the laundering of the proceeds of crimes and to strengthen cooperation amongst its member States.
In addition, GIABA is a Financial Action Task Force (FATF) – Styled Regional Body (FSRB), with responsibility to assess member States’ compliance with acceptable international AML/CFT standards.
He said since its establishment, GIABA has taken practical steps to promote the implementation of AML/CFT measures amongst its member States, including supporting the enactment and/or strengthening of AML/CFT legal and regulatory framework; development of National AML/CFT Strategies, national coordination through initiating the establishment of AML/CFT Inter-Ministerial committees; establishment and strengthening of Financial Intelligence Units (FIUs); and capacity enhancement of competent authorities and other critical agencies involved in the implementation of AML/CFT laws and policies, through training, mentorship and provision of equipment.
He named other efforts as public awareness and sensitization on the ills of ML/TF.
Mr. Harries indicated that, the establishment of AML/CFT Information Centres in Lagos and Abidjan, and strategic partnerships with the civil society and the news media are yet other noble initiatives to promote public awareness, engender public support to regional AML/CFT campaign and serve as repository of relevant information which researchers and the academia could leverage on.
GIABA, he stated, has also undertaken several research/typology studies, including the reports on Trafficking in Small Arms and Light Weapons (SALW); Money Laundering and Insurgency; Study on Tax Fraud and Money Laundering in West Africa: A Human Development Perspective; Typologies of Tax Fraud and Money Laundering, and so on.
“ We have also published several mutual evaluation reports of member States in both the first and second rounds of the exercises. GIABA also publishes annual reports that chronicle our activities on annual basis, among others these publications are quite valuable to the academic community” he said…
He stressed that, it is on record that commendable improvement has been made in the implementation of AML/CFT regime across the region.
He noted that, member countries have made significant progress and are at various levels in the implementation of their AML/CFT regimes.
“Overall, this improvement in the AML/CFT regimes of member States has contributed to good governance, enhanced development and security in several member States in spite of the success recorded by GIABA, more needs to be done” he noted.
He added that, the implementation of AML/CFT standards especially within the West African sub-region poses unique challenges and thus, requires collective, concerted, coordinated and collaborative efforts at all levels.
Furthermore, the dynamic nature of the criminal world and the continuing menace of money laundering and terrorist financing make it imperative for all stakeholders in our member States, including the academia to deepen collaboration with GIABA to effectively address threats arising from these crimes.
He emphasized that, it is imperative to mention that the fight against ML/TF is a chain, one of which our educational system is a critical part.
Educational institutions are often considered logical places for the early intervention of a variety of social ills. As the foremost socializing institution in the society after the family, it is also the grounds where future leaders are largely formed, he added.
“Thus, the ivory towers of the academia have parts to play in addressing the menace of money laundering and terrorist financing. In addition to stimulating discussions and conducting researches on current and emerging AML/CFT issues, we urge our university authorities to continue to demonstrate strong commitment to promoting courses in anti-money laundering and combating the financing of terrorism, including considering incorporating AML/CFT in their curricular, improving awareness within the academic community and taking other necessary steps that could further national AML/CFT efforts and also mold students into more responsible future leaders” he said.
He also said the Inter-Universities Speech Contest specifically targets deepening the knowledge base of students at the tertiary level in the area of AML/CFT within the region.
He pointed out that it is in pursuant of this objective that the French and Portuguese speaking countries of ECOWAS are all invited and gathered through their student representatives.
“This year, we have contestants from Senegal, Togo, Cote d’Ivoire, Benin, Guinea Bissau, and Cabo Verde.
This is the Seventh in the series of this Contest, first edition was held in Accra, Ghana in 2013” he said.
He said subsequent editions have been held in Abidjan, Cote d’Ivoire in 2017; Enugu, Nigeria in 2019; and Bissau, Guinea Bissau in 2021, Banjul, The Gambia and Cotonuo, Benin in 2023 and it is therefore our pleasure that Benin is hosting this lofty programme this year.
“It is my expectation that the exchange of thoughts and ideas during this programme will broaden our understanding of the adverse effects of money laundering and terrorist financing on the society, especially with regard to economic development, prosperity, human security, rule of law, political stability, democracy, and well-being of citizens” he noted.
He used the occasion to urge each and every student to take ownership of the fight against the scourges of Money Laundering and Terrorist Financing.
He added that the impact of the efforts by GIABA at the regional level will remain infinitesimal without corresponding strong commitments at national and institutional levels.
“We need the support of national authorities, relevant institutions and the general public in our member States in the delivery of our mandate to ensure the prevention of criminals from undermining the credibility of our financial systems and the economies as a whole” he said.
“On this note, I wish to once again, welcome you all, and urge you take advantage of this Event to establish new friendships and networks” he noted.
