The Inter-governmental Action Group Against Money Laundering (GIABA), an ECOWAS specialized institution established to combat money laundering and counter financing of terrorism, has charged ECOWAS member states to strengthen efforts at combating money laundering and counter financing of terrorism.
Director-General of GIABA, Dr Abdulahi Shehu
Mr Nelson Decardi, the GIABA National Correspondent for Ghana, made the call at a three-day workshop held in Accra on anti-money laundering and counter financing of terrorism in ECOWAS member states.
The workshop which was organized in collaboration with the World Bank sought to assist the West African region in conducting a robust anti-money laundering and counter financing of terrorism compliance supervision.
It was also designed to assist participants to fully understand the mechanism of anti-money laundering and counter financing of terrorism in the sub-region.
According to Mr Decardi, the upsurge in money laundering and financing terrorism activities have raised concerns globally hence there is the need for a collaborative effort among ECOWAS member states to fight these crimes.
In a remark, Dr Buno Nduka, the Head of Programmes Division GIABA Secretariat, who stood in for the Director General of GIABA, Dr Abdulahi Shehu underscored that since money laundering and terrorist financing was complex and dynamic process, criminals seize every available opportunity to perpetrate their course.
“Thus checkmating them requires a holistic approach involving various stakeholders who must be capacitated to understand their roles in the crusade against these wicked ventures,” noted Dr Nduka.
He intimated that the vulnerability of the West African region is not in doubt and the risks and threats of money laundering and terrorism financing are on the increase.
“The search light is on our region as evidenced by recent events in the region; thus, we as stakeholders in the fight must continually be alert always,” emphasized Dr Nduka.
He stressed “money launderers are into game theoretic framework regarded as infinitely repeated game with no Nash equilibra; as you attempt to catch them, they devise new means of circumventing the system. However, we are relying on the old adage that “every day is for the thief but one day for the owner of the house.”
He pointed out that without adequate compliance, the fight against the menace of money laundering and terrorist financing would be a difficult one.
“It is therefore important that our supervisors understand the mechanism of anti-money laundering and counter financing of terrorism compliance supervision,” indicated Dr Nduka.
In his address, Professor Newman Kwadwo Kusi, who stood in for the Minister of Finance, Dr Kwabena Duffuor, observed that money laundering and financing of terrorism have gained notoriety in recent years that the international community has made the fight against these crimes a top priority.
“Since September 11, 2001, governments, religious organizations, financial institutions, multilateral organizations and business associations have become so much concerned about the possible consequences of money laundering and terrorist financing on businesses, national economies, international financial stability and the global economy,” stressed Professor Kusi.
He said the problems created by money laundering and terrorist financing in one country can quickly spread to other countries in the region or in other parts of the world.
“Perpetrators of terrorist activities constantly seek new ways to launder funds in order to use them without drawing the attention of authorities to the source of the funds and the links with the underlying crimes.”
Professor Kusi urged that all efforts must be brought to bear in order to ensure sufficient financial transparency for tracking the movements of funds of criminal origin.
GIABA is responsible for the prevention and control of money laundering and terrorist financing in the West African Sub-Region.
GIABA has been mandated to develop strategies to protect the economies of ECOWAS member states from abuse and the laundering of the proceeds of crime, improve measures and intensifying efforts to combat the laundering of proceeds of crime in West Africa and strengthening co-operation amongst its members.
STORY: WILLIAM BEEKO
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