The director common, Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) has stressed out that cash laundering and terrorist financing represent primary hindrances to “our development.”
Mr. Edwin W. Harris, Jr. made the remarks on the opening of a fifth Regional Inter-Universities Speech contest at the have an effect on of cash laundering and Terrorist Financing on Economies of West Africa held lately at Sir Dawda Kairaba Jawara International Conference Centre.
Organised by way of FIU Gambia with technical and fiscal toughen from GIABA, the development seeks to deepen the information base of scholars on the tertiary degree within the space of AML/CFT inside the area.
“It is in pursuant of this objective that the English speaking countries of ECOWAS are all invited and gathered through their student representatives.”
These crimes, he added, have had an opposed have an effect on on regional safety and building, together with erosion symbol and recognition to member states, lack of international direct funding, deficient infrastructural building, dwindling self assurance and distortions in our political in addition to monetary programs.
“In response to the devastating effects of these crimes, the authorities of the ECOWAS established the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in 2000, as a clear demonstration of their political will to address these challenges within the region and also to support the global fight against these vies.”
DG GIABA reminded that the main mandate of GIABA is to expand measures to offer protection to economies of member states from abuse and laundering of the proceeds of crimes and to make stronger cooperation among its member States.
He defined that since its inception commendable enhancements were made within the implementation of AML/CFT regime around the area.
“Member countries have made significant progress and we are at various levels in the implementation of their AML/CFT regimes on the whole. This improvement in the AML/CFT regimes of member states has contributed to good governance, enhanced development and security in several member states.”
This yr, he added, they have been ready to have contestants from The Gambia, Ghana, Liberia, Nigeria and Sierra Leone.
“The first edition was held in Accra, Ghana, in 2013. Subsequent editions were held in Abidjan, Cote D’Ivoire in 2017, Enugu, Nigeria in 2019 and Bissau, Guinea in 2021, while the fifth edition in 2022 is taking place in The Gambia.”
Author: The Point