By Bill W. Cooper
The Inter-Governmental Action Group on Money Laundering in West Africa has ended its 7th in a series of Inter-Universities speech contests in Liberia.
Bringing together five Anglophone West African Countries students’ namely; The Gambia, Liberia, Ghana, Sierra-Leone, and Nigeria, the contest focuses on the impacts of anti-money Laundering and combating the financing of terrorism (AML/CFT) on West African Economies.
Representing GIABA’s, Director General Edwin W. Harris at the opening ceremony was Timothy Melaye, Head of Communications of GIABA who stated that the event presents an opportunity to strengthen collaboration with the academia in their shared responsibility to addressing the twin problem of money laundering and terrorist financing (ML/TF).
Speaking about the impact of money laundering, Mr. Melaye stressed that (ML/TF) constitutes a major obstacle to the region’s development.
“These crimes have hurt 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 and financial systems,” he noted.
GIABA 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.
He told the gathering 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.
He stated 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.
He indicated further that the dynamic nature of the criminal world and the continuing menace of money laundering and terrorist financing make it imperative for all stakeholders in member States, including the academia to deepen collaboration with GIABA to effectively address threats arising from these crimes.
“As the foremost socializing institution in society after the family, it is also where future leaders are largely formed. Thus the ivory towers of the academia have parts to play in addressing the menace of money laundering and terrorist financing,” he noted.
Melaye urged university authorities to continue to demonstrate a strong commitment to promoting courses in anti-money laundering and combating the financing of terrorism, including considering incorporating AML/CFT in their curriculum, 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.
“I urge every one of you through your commitment and motivation to take ownership of the fight against the scourges of Money Laundering and Terrorist Financing,” he said.
Also speaking at the opening was the Deputy Director General of the Financial Intelligence Agency of Liberia Amos Y. Boakai who underscored the importance of GIABA to the region.
He said the FIA was proud to form a part of such a platform in a drive to battle the menace from the region, and noted that working together on corrective measures to mitigate the challenges is key for the sector.
Mr. Boakai was also quick to add that some people benefit from these crimes at the detriment of the poor masses, however, they remain resolved and will not give up because it is part of the Government’s ARREST AGENDA.
Meanwhile, 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.
Among other things, 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 among its member States.
GIABA is a Financial Action Task Force (FATF) Styled Regional Body (FSRB), with the responsibility to assess member States’ compliance with acceptable international AML/CFT standards among others.
Meanwhile, the 7th edition of the contest in Liberia ended with the Gambian student as the first winner and walked away with one thousand United States Dollars, a laptop, a clock, and a certificate while the Ghanian student finished second and also walked away with seven hundred and fifty United States Dollars, a laptop, clock and certificate and a Liberian student ended as the third winner thus taking home US$ 500, a clock, laptop and certificate respectively.
