The Inter- Governmental Action Group On Money Laundering In West Africa has ended its 7th in series of Inter-Universities speech contest in Liberia.
Bringing together five Anglophone West African Countries students’ namely; The Gambia, Liberia, Ghana, Sierra-Leone and Nigeria, the contest focus on the impacts of anti-money Laundering and combating the financing of terrorism (AML/CFT) on West African Economies.
Representing GIABA’s , Director General Edwin W. Harris at the opening ceremony was Timothy Melaye , Head of Communications of GIABA who stated that the event presents an opportunity to strengthen collaboration with the academia in their shared responsibility to addressing the twin problem of money laundering and terrorist financing (ML/TF).
Speaking about the impact of money laundering, Mr. Melaye stressed that (ML/TF) constitute major obstacles to the region’s development.
“These crimes have had adverse impact on regional security and development, including erosion of reputation to the image of member States, loss of foreign direct investment, poor infrastructural development, dwindling confidence, and distortions in our political as well as financial systems”, he noted.
At The same time, GIABA has also undertaken several research/typology studies, including the reports on Trafficking in Small Arms and Light Weapons (SALW); Money Laundering and Insurgency; Study on Tax Fraud and Money Laundering in West Africa: A Human Development Perspective; Typologies of Tax Fraud and Money Laundering, and so on.
He told the gathering that Member countries have made significant progress and are at various levels in the implementation of their AML/CFT regimes, Overall, this improvement in the AML/CFT regimes of member States has contributed to good governance, enhanced development and security in several member States.
In spite of the success recorded by GIABA, Mr. Melaye was quick to add that more needs to be done.
He stated that the implementation of AML/CFT standards especially within the West African sub-region poses unique challenges and thus, requires collective, concerted, coordinated and collaborative efforts at all levels.
He indicated further that the dynamic nature of the criminal world and the continuing menace of money laundering and terrorist financing make it imperative for all stakeholders in member States, including the academia to deepen collaboration with GIABA to effectively address threats arising from these crimes.
Additionally, he calls for the fight against ML/TF noting that it is a chain, one of which the region’s educational system is a critical part.
Educational institutions, he emphasized are often considered logical places for the early intervention of a variety of social ills.
“As the foremost socializing institution in the society after the family, it is also the grounds where future leaders are largely formed. Thus the ivory towers of the academia have parts to play in addressing the menace of money laundering and terrorist financing”,he noted.
As a means of stimulating discussions and conducting researches on current and emerging AML/CFT issues, Melaye urge university authorities to continue to demonstrate strong commitment to promoting courses in anti-money laundering and combating the financing of terrorism, including considering incorporating AML/CFT in their curricular, improving awareness within the academic community and taking other necessary steps that could further national AML/CFT efforts and also mold students into more responsible future leaders.
According to him, The Inter-Universities Speech Contest specifically targets deepening the knowledge base of students at the tertiary level in the area of AML/CFT within the region.
” I urge each and every one of you through your commitment and motivation to take ownership of the fight against the scourges of Money Laundering and Terrorist Financing”, he said.
He emphasized that the impact of the efforts by GIABA at the regional level will remain infinitesimal without corresponding strong commitments at national and institutional levels.
“We need the support of national authorities, relevant institutions and the general public in our member States in the delivery of our mandate to ensure the prevention of criminals from undermining the credibility of our financial systems and the economies as a whole”, The GIABA Communication’s head told the gathering.
Also speaking at the opening was the Deputy Director General of the Financial Intelligence Agency of Liberia Amos Y. Boakai who underscore the importance of GIABA to the region.
He said the FIA was proud to form a part of such platform in a drive to battle the manance from the region.
According to him, working together on corrective measures to mitigate the challenges is key for the sector.
While trying to execute our mandate , we may step on the toes of some of our friends, the perpetrators of these crimes thus making us nor system friendly he added.
Mr. Boakai was also quick to add that some people benefit from these crimes at the detriment of the poor masses, however, they remain resolved and will not give up because, it is part of the Government’s ARRESST AGENDA .
Well, in response to the devastating effects of these crimes, the authorities of the Economic Community of West Africa (ECOWAS) established the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in the year 2000 as a clear demonstration of their political will to address these challenges within the region and to support the global fight against these vices.
Among other things, the primary mandate of GIABA is to develop measures to protect the economies of member States from abuse and the laundering of the proceeds of crimes and to strengthen cooperation amongst its member States. In addition, GIABA is a Financial Action Task Force (FATF) – Styled Regional Body (FSRB), with responsibility to assess member States’ compliance with acceptable international AML/CFT standards.
Since its establishment, GIABA, he pointed out has taken practical steps to promote the implementation of AML/CFT measures amongst its member States, including supporting the enactment and/or strengthening of AML/CFT legal and regulatory framework; development of National AML/CFT Strategies, national coordination through initiating the establishment of AML/CFT Inter-Ministerial committees; establishment and strengthening of Financial Intelligence Units (FIUs); and capacity enhancement of competent authorities and other critical agencies involved in the implementation of AML/CFT laws and policies, through training, mentorship and provision of equipment.
Meanwhile, the 7th edition of the contest in Liberia ended with the Gambian student as the first winner and walked away with one thousand United States Dollars, a laptop, clock and certificate while the Ghanian student finished second and also walked away with seven hundred and fifty United States Dollars, a laptop, clock and certificate and a Liberian student ended as the third winner thus taking home five hundred United States Dollars, a clock , laptop and certificate respectively.
