The Economic Community of West African States (ECOWAS) will strengthen its financial crimes response to suppress money-laundering and terror financing activities in the sub-region, a senior official revealed Tuesday.
Mohammed Nurudeen Ismaila, Chairman of the ECOWAS Administration and Finance, said the decision to strengthen the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) fell within the broad context of ongoing institutional restructuring within the sub-regional bloc, for greater benefits to the citizens of ECOWAS.
Ismaila made the remarks at the opening of the five-day Ninth Ordinary Session of the ECOWAS Administration and Finance Committee taking place in the Ghanaian capital.
“The placement of GIABA on the Financial Action Task Force Effectiveness Improvement Program can arm it with the needed expertise and ability to perform its functions with precision and consistency,” said Ismaila at the opening of the meeting.
The suspected high incidence of money laundering in West Africa is linked to the rise in terrorist activities and drug trafficking within the sub-region. Enditem