By Bill W. Cooper
The Liberian government and its financial institutions have officially kicked-off the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) three-day 2024 West Africa Compliance Summit in Monrovia.
The summit, hosted by the Financial Intelligence Agency of Liberia (FIA) and organized by the specialized Institution of the Economic Community of West Africa States (ECOWAS) is expected to run from July 22-25, 2024.
The landmark summit which brought together about 150 participants comprising Chief Compliance Officers of financial institutions and non-financial entities and heads of Financial Intelligence Units (FIUs) across the region will focus on new emerging risks and changes to the Financial Action Task Force (FATF) standards/methodology.
It is also aims to bring together key stakeholders from across West Africa and Europe to discuss and strategize on ways to combat money laundering, terrorist financing, and other financial crimes that threaten the stability and security of the world.
Officially launching the summit, Justice Minister Tweh urged participants to come together and “forge a robust and unified front against financial crimes in Africa and the world at large.”
Minister Tweh emphasized the importance of collaboration and cooperation among West African and European countries in the fight against financial crimes, stressing that the need for such cooperation can never be overemphasized.
He, at the same time, highlighted the devastating impact that these crimes can have on the economies and societies of any nation, and stressed the need for a united front to tackle them effectively.
“We cannot afford to work in isolation when it comes to combating financial crimes because these crimes know no borders and can easily cross from one country to another. It is only through a coordinated and unified approach that we can hope to effectively combat them and protect our economies and our people,” he added.
Also, the summit will feature a series of panel discussions, workshops, and networking sessions, where participants will have the opportunity to share best practices, exchange ideas, and develop strategies for strengthening compliance and enforcement mechanisms in their respective countries.
One of the key topics of discussion at the summit will be recent changes to relevant Financial Action Task Force (FATF) standards-implications for the private sector, as this session will discuss the relevant changes and their implications for the private sector.
Another important topic to be discussed the current landscape of AML/CFT compliance on West Africa- challenges and opportunities for improvement. This session, accordingly will explore the current compliance environment in the region.
It will also focus on member states compliance status on AML/CFT preventive measures under the GIABA second round of evaluation, implementation challenges faced by the private sector and opportunities for improvement.
Earlier in his opening remark, GIABA Director General, Edwin Harris thanked the government through the FIA for hosting them for this year’s summit; something, he said shows that the government is committed to fighting against illicit financing across the region.
He disclosed that the summit is intended to raise awareness of the critical interest-holders, with focus on the private sector and Financial Intelligence Units on emerging Money Laundering, Terrorist Financing and Proliferation Financing (ML/TF/PF) risks and the substantial changes in FATF standards.
According to him, the summit is geared toward strengthening the capacity of participants to effectively address evolving risks and take required steps to align their compliance frameworks/programs to the revised standards /methodology.
He added that the GIABA summit is a platform for participants to share experiences, including identifying important challenges hindering the effective implementation of AML/CFT preventive measures and best practices that will facilitate AML/CFT compliance in the region.
The GIABA DG expressed optimism that the expected three days GIABA summit will enhance effectiveness in implementing AML/CFT preventive measures in the West African region, promote awareness, and adequately prepare the private sector for the subsequent round of GIABA evaluation.
Serving as the Keynote speaker, Central Bank of Liberia (CBL) governor, Aloysius Tarlue thanked GIABA for choosing Liberia to host this year’s summit and stressed the importance of building strong partnerships and networks to facilitate the exchange of intelligence and evidence, ensuring that criminals cannot exploit differences in regulations and enforcement practices across borders.
Mr. Tarlue, in his speech read by his Senior Technical Advisor, Mussah A. Kamara, emphasized the need for all countries to together as a region to close the gaps that allow financial crimes to thrive.
According to him, by sharing information, coordinating investigations, and supporting each other in enforcement actions, they can create a more hostile environment for criminals and make it harder for them to operate with impunity.
Kamara added that Liberia and other nations have a shared responsibility to protect the integrity of the region financial systems and to safeguard the well-being of their citizenry, urging participants to use this summit as a platform to come together, to exchange ideas, and to forge a common vision for a safer and more secure West Africa.”
Meanwhile, the GIABA 2024 three days West Africa Compliance Summit 2024 promises to be a pivotal event in the ongoing efforts to combat illicit financial crimes in the region and the world at large.
By fostering dialogue and collaboration between different sectors and actors, the summit aims to build a stronger and more effective response to the challenges posed by money laundering and terrorist financing.