Terrorists financing reduced in West Africa in 2018

The Inter-Governmental Action against Money Laundering and Terrorists Financing in West Africa has observed a reduction in terrorists financing and money laundering activities among member countries of ECOWAS in 2018.

GIABA is an institution of the Economic Community of West African States established in 2000 to combat terrorists’ financing and fight against money laundering across West Africa.

GIABA’s Information Manager in Nigeria, Mr Timothy Melaye, told the News Agency of Nigeria on Wednesday in Lagos that more countries had complied with the recommendations of the Financial Action Task Force in 2018.

“In 2018, GIABA had again demonstrated its commitment to support countries in West Africa in the fight against money laundering and terrorists financing.

“ECOWAS member countries did well last year in the fight against money laundering and terrorists’ financing in their countries. Many of these countries have enacted laws, and today, these countries have different anti-money laundering regimes that are now becoming stronger and stronger.

“Though we are awaiting statistics from these engagements, it is no longer an easy task for people to launder money again due to the systems on the ground,” he said.

Melaye said GIABA had in 2018 embarked on advocacy visits to raise awareness and support for national authorities in fighting against money laundering and terrorists financing in their countries.

GIABA’s information manager also said the organisation had embarked on mutual evaluation of more West African countries including Senegal, Cape Verde and Burkina Faso.

Source: Punchng