By Ibrahim Joenal Sesay
September 06, 2020, (232News)
FREETOWN – The Inter-Government Action Group against Money Laundering in West Africa (GIABA) has organized its 12th GIABA Open House Forum on AML/CFT for youths at the Fourah Bay College Freetown, Sierra Leone.
The theme for this forum is “The role of the youth in the fight against transnational organized crime,”
The Forum held on the 21st November, 2019 also saw government Ministers giving their commitments against the fight.
The Head of Mission Timothy Melaye while delivering the Director General of GIABA Justice Kimelabalu statement said among other things that the Open House Forum is one of the awareness and advocacy strategies adopted by GIABA to sensitize stakeholders from ECOWAS member States particularly the youth on the threats of money laundering, financing of terrorism and other crimes to enable them advocate for stronger AML/CFT measures in the region.
He went on to say Money Laundering and Financing of Terrorism are not new phenomena in West Africa. Typologies have already identified a vast number of Money Laundering cases in the region; cases of Financing Terrorism are also now beginning to be identified in several countries.
He continued to say the objectives of GIABA include: to the adoption and diligent implementation of standards against money laundering and terrorist financing in accordance with acceptable international standards and practices, including the FATF 40 recommendations; facilitate the adoption and implementation by Member States of measures against money laundering ad terrorist financing taking into account the specific particularities and conditions in the region; serve as a forum where members can discuss issues of regional interest and share their experiences; organize self-evaluations and mutual evaluations to determine the effectiveness of measures adopted, including their compliance with acceptable international standards.
He disclosed that in June 2006, GIABA was recognized as a Financial Action Task Force style regional body. Furthermore, in June 2010, GIABA was granted Associate Membership Status of the Financial Action task Force, the global body responsible for standards setting for the fight against these menaces.
Sierra Leone Youth Minister Mohamed Orman Bangura in his keynote address expressed government profound gratitude to GIABA for choosing Sierra Leone as host of a continental event of this nature.
He spoke about goal 16 of the sustainable development goals which requested that all states significantly reduce illicit financial and arms flows, strengthen the recovery and return of stolen assets and combat all forms of organized crime.
He said so far, progress on reaching this key Goad has been limited.
“As you may be aware, young people account for majority of our population making us the most vulnerable sector to organized crimes. One way or the other, organized crime groups can and will use young people at the placement, layering and integration stages of money laundering and terrorist financing. Therefore, it is critically important that governments in West Africa through GIABA put young people at the center of the region’s anti money laundering programme.”
He stressed that the fight against money laundering and terrorism financing very much resonates with the New Direction administration’s war on corruption hence the event could not have come at a better time as a ministry that is taking the lead in fighting corruption and poverty as declared by the president.
Statements were made by deputy ministers among others.
