ECOWAS Moves To Fight Money Laundering, Terrorism Financiers

WORRIED about the rising spate of organised crime in states in the West African sub-region, officials of the Economic Community of West African States (ECOWAS) have mapped out strategies to combat money laundering and financiers of terrorism in the sub-region.

Director General of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), an organ under ECOWAS, Dr. Abdullahi Shehu, said the financing of terrorism in some of the states in the sub-region is of serious concern ECOWAS leaders.

Shehu, who spoke at a public lecture organised by GIABA at the Ahmadu Bello University (ABU), Zaria, said: “Since 2005, when GIABA became fully operational, considerable progress has been made through regional activities, technical assistance to member countries, training programmes for different actors that are involved in the fight against these scourges.”

In his address, titled, ‘Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Regimes in West Africa,’ Shehu explained that corruption has been the motivating force of criminal acts and terrorism in the sub-region.

He argued that GIABA “operations resulted in outreach programmes to promote best practices and international standards, a general AML / CFT framework, and support for the establishment of support institutions necessary for the implementation of robust AML/CFT regime in our member countries.”

These efforts, he stated, have culminated in international recognition of GIABA’s action. Indeed, in June 2006, GIABA was admitted as a Financial Action Task Force (FATF-style) regional body, a status that allows it to conduct the mutual evaluation of member countries in order to determine their level of compliance with FATF standards on AML/CFT issues.

Shehu explained further: “Within the framework of its 2011-2014 Strategic Plan, GIABA considers the promotion of strategic partnerships with stakeholders, including civil society organisations, the media and development partners a priority especially in the dawn of regional integration with its attendant challenges, including curbing transnational organised crimes.

“Money laundering and the financing of terrorism are not new phenomena in West Africa.”

Meanwhile, in his lecture, a former don in ABU, Zaria, Prof Femi Odekunle, averred that the Nigerian government must fight corruption and ensure a conducive environment, with relative stability in the system, to attract foreign investments.

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