NAN-H-69
Synergy
By Temitope Ponle
Abuja, Nov. 16, 2017 (NAN)Col. Adama Coulibaly , Director-General, Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) has urged member countries to enhance collaboration in the fight against money laundering.
Coulibaly made the call at the opening of the group’s 28th Technical Commission/Plenary meeting in Abuja on Thursday.
He said that it was germane for member states to implement money laundering and terrorism financing laws adding that the meeting would review the level of compliance of required laws by member countries.
The director-general noted that the review would be line with the recommendations of the Financial Action Task Force (FATF 40) which have been recognised, endorsed, or adopted by many international bodies.
The 40 Recommendations provide a complete set of counter-measures against money laundering covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation.
“It is clear that mutual evaluation is a complex and highly technical exercise requiring not only proven expertise in mastering the FATF Standards and Methodology, but very strong support and political commitment.
“Its success requires mobilisation and enhanced national coordination of stakeholders as well as a synergy action by all stakeholders.
“Its success, therefore, lies in solidarity, he commitment of all, the sharing and pooling of resources; the lifting of this challenge calls for a fundamental change in our actions.”
He further urged all stakeholders to promote the implementation of appropriate legislations at the national levels to prevent money laundering and terrorism financing and promote economic development in the sub-region.
In his address, Mr Abubakar Malami (SAN), Attorney-General of the Federation and Minister of Justice recalled efforts of the Federal Government to tackle the menace of money laundering.
Malami said that the introduction of the Bank Verification Number and the implementation of the Single Treasury Account had “helped in blocking leakages” in the country’s governing system.
“It is common knowledge that when you fight crime, those who benefit from the crime fight back and they fight dirty, and even organise themselves into networks to beat the system.
“Nonetheless, the administration of President Muhammadu Buhari has taken bold steps to restructure the institutions and strengthen laws in order to maximise prosecution and conviction of offenders, increase recovery of stolen assets and guarantee transparent management of recovered, returned or repatriated assets.”
GIABA was established by the ECOWAS Authority of Heads of State and Government in the year 2000 as a major response to fight against money laundering.
It is a specialised institution of ECOWAS responsible for strengthening the capacity of member states towards the prevention and control of money laundering and terrorist financing in the region.
Member countries are the ECOWAS 15-member states, which are Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea Bissau, Guinea, Liberia, Mali, Niger, Nigeria, Togo and Sierra Leone.
The non-ECOWAS member state is São Tomé and Príncipe. (NAN)
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edited by Sadiya Hamza