Peer-review anti money laundering, financial terrorism strategies
Professor Aaron Michael Oquaye, Speaker of Parliament, has
suggested to African leaders to adopt best international standards and
practices against money laundering and financial terrorism.
He called on African governments to peer-review to assess
the impact of measures adopted against the threats.
The Speaker made the suggestion when a delegation from the
Inter-Governmental Action Group against Money Laundering in West Africa (GIABA)
called on him at his office, at Parliament House, in Accra.
Speaker Prof. Oquaye challenged West African member states
to establish and implement anti-money laundering and counter-financing of
terrorism regimes and implement laws against the proceeds of crime through
mutual legal assistance.
He further called for the establishment and maintenance of
Financial Intelligence Units, urging West African governments to protect their
national economies, financial and banking systems against the proceeds of crime
and combat the financing of terrorism.
Mr Justice Kinelabalou, Director-General of GIABA, who led
the delegation, congratulated the President of Ghana, Nana Akufo-Addo on his
election as the Chairman of ECOWAS, and Ghana’s contribution to the
sub-regional body.
Mr Kinelabalou appealed to ECOWAS member states to give
enthusiastic support to GIABA’s decisions and appealed to the Speaker to bring
on board Ghana’s expertise and experiences to reflect on how best to overcome
the challenges of money laundering and terrorism financing.
The GIABA is a specialised institution of the Economic
Community of West African States (ECOWAS) responsible for facilitating the
adoption and implementation of Anti-Money Laundering and Counter-Financing of
Terrorism in West Africa.
With its secretariat located in Dakar, Senegal, it is the
regional financial action task force body working with its ECOWAS member states
to ensure compliance with international anti-money laundering and
counter-financing of terrorism standards with a mission for facilitating the
adoption and implementation of anti-money laundering and counter-financing of
terrorism in West Africa.
The institution was established in December 1999 by the
Authority of Heads of State and Government of the ECOWAS and the main focus
area at its inception was the protection of West African economies and
financial systems against money laundering.
In January 2006, its statutes were revised to reflect the
growing link between money laundering and terrorist financing, following
terrorist attacks on the United States of America on September 11, 2002, hence
the incorporation of Counter- Financing of Terrorism into GIABA’s mandate.
GIABA member states include Benin, Burkina Faso, Cape Verde,
Côte d'Ivoire, Gambia, Ghana, Guinea-Bissau, Republic of Guinea, Liberia, Mali,
Niger, Federal Nigeria, São Tomé and Príncipe, Senegal, Sierra Leone, Togo,
Dakar and Senegal.
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