The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is gearing up to host its 40th Technical Commission/Plenary and the 27th Ministerial Committee meeting in the vibrant city of Abuja, the cultural and business capital of Nigeria.
GIABA, a specialized institution of the Economic Community of West African States (ECOWAS), is focused on strengthening the capacity of member states to prevent and control money laundering and terrorist financing in the region. This important event brings together member states, as well as African and non-African States, and Inter-Governmental Organizations aligned with GIABA’s objectives.
The GIABA Technical Commission, a confluence of experts, representatives of member States, and development partners, convenes biannually to exchange insights on the challenges encountered in implementing effective Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) measures.
In his opening address at the plenary, Mr. Edwin W. Harris Jnr, the Director General of GIABA, emphasized the pivotal role of the Technical Commission/Plenary in evaluating the institution’s activities. He underscored the urgent need for coordinated efforts to combat Money Laundering, Terrorist Financing, and other transnational crimes, emphasizing the protection of economies and regional security.
Moreover, the Vice President of the Financial Action Task Force (FATF), Mr. Jeremy Weil, lauded GIABA member nations for their collaborative support in implementing effective AML and CFT measures. He stressed the importance of sustaining these efforts for long-term impact.
Nigeria’s Minister of Justice, Lateef Olasunkanmi Fagbemi, in his address, highlighted the heightened significance of GIABA in strengthening member States’ capacity to combat money laundering and terrorist financing. He emphasized the need for regional and international cooperation to effectively address these challenges, recognizing the global nature of these threats.
The 27th meeting of the GIABA Ministerial Committee (GMC) is also scheduled to take place on Saturday, 18th November, 2023. The GMC, serving as the policy-making body of GIABA, comprises the three GIABA line ministers from all member States, specifically from the Ministries of Finance, Security/Interior, and Justice.
As Nigeria prepares to host this pivotal gathering, the spotlight is firmly on the collective commitment to combat money laundering and terrorist financing in the West African region.
By Stephen Fajonyomi, Media Talk Africa
