The Inter‑Governmental Action Group against Money Laundering in West Africa (GIABA), a specialised institution of the Economic Community of West African States (ECOWAS), has called for stronger cooperation to combat the rising cases of money laundering and terrorist financing in the region. At GIABA’s 15th Open House Forum on Anti‑Money Laundering training, held at the University of Port Harcourt on Tuesday, Director‑General Edwin Harris warned that these illicit activities are undermining sustainable development by eroding social and human capital.
Harris explained that money laundering threatens the social and political stability of West African countries and artificially inflates business costs, deterring investment. Representing GIABA, country head Timothy Melaye added that the proceeds of financial crime fuel corruption and urged member states to close ranks. “This must be done not only to protect world economies, including Africa’s, from criminal infiltration, but also to enhance the rule of law, deepen regional integration and maintain peace and security,” he said.
The director stressed that transnational organised crime—particularly money laundering and terrorist financing—poses serious threats to peace, security and sustainable development. “Money laundering and the financing of terrorism are not new phenomena in West Africa. Typologies have already identified numerous money‑laundering cases, and cases of terrorist financing are now emerging in several countries. These crimes are closely linked to corruption, which is why West African states must act together,” Harris noted. He warned that ECOWAS states face serious risks of social dislocation unless decisive action is taken now, and called for collaboration among GIABA‑mandated countries to adopt and implement measures tailored to regional specificities.
Organised crime knows no borders, and all nations must cooperate fully to address the threat, Harris added, noting that international recognition of the negative effects of money laundering and terrorist financing has spurred global counter‑measures.
In his address, Modibbo Hamman‑Tukur, Director of the Nigerian Financial Intelligence Unit, highlighted the Open House Forum as part of GIABA’s awareness and advocacy strategy. The forum aims to sensitize ECOWAS stakeholders—particularly youths—about the dangers of money laundering, terrorist financing and related crimes, encouraging them to advocate for robust anti‑money‑laundering and counter‑terrorist‑financing measures. The training, titled “The Role of Youth in the Fight Against Transnational Organized Crime,” seeks to raise coordinated awareness of the need to protect national economies and financial systems from the proceeds of crime.
Professor Georgewill Owunari, Vice‑Chancellor of the University of Port Harcourt, advised young people to avoid the “get‑rich‑quick” mentality. “Terrorism feeds on the blood of youths. When they are recruited and radicalised, it robs them of their lives, presence and future,” he warned.
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