(Issue, Monday, August 22, 2016)
A
vital three-day “Regional Stakeholders Forum on Emerging Global AML/CFT Issues
and Implications for GIABA Member States” in Senegal has just been concluded
(16 -18 August 2016) by the Inter-Governmental Action Group against Money
Laundering in West Africa (GIABA).
Salient
issues were discussed at that forum which, if actualised, may be of great help
to West Africa’s economies but if not, would let our economies continue to face
serious macro-economic and financial shockwaves that will hamper economic
growth and cause hardship in the country.
The
forum provided a general overview of emerging AML/CFT risks in the GIABA
region; developed a shared understanding of the requirements for the
implementation of the FATF Revised Standards to enhance compliance; provided a
platform for appreciation of the GIABA 2016-2020 Strategic Plan; and resource
implications; and strengthened community cooperation in the fight against money
laundering and terrorist financing.
These
aspects of anti-money laundering and financial crimes were specifically looked
into because money laundering, financial crimes and terrorist financing cause
serious harm to an economy. Their implications could involve also security
threat to a nation, as there is always element of trafficking in various forms
– human and arms deal involved, as well as terrorism through terrorist
financing.
Well,
in trying to fix the bolts and nuts to tackling money laundering and terrorist
financing, key areas should be addressed - as mentioned by the Ecowas
Commission president.
These
include adequately resourcing the Financial Intelligence Units (FIUs) of member
States; more active and timely performance by the judiciary in discharging
justice to relevant cases before them; ensuring the active participation of
civil society organizations (CSOs), the media, the youth and women groups among
others in advocating peace and security in the region.
It
is expected that these aspects, considered and discussed at the just-concluded
three-day “Regional Stakeholders Forum, will be effectively implemented for the
good of our economies and nations.
“You
get to a point where it gets very complex, where you have money laundering
activities, drug related activities, and terrorist support activities
converging at certain points and becoming one.”
Sibel
Edmonds
