The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) says it will continue to strengthen regional efforts against money laundering and terrorism financing.
GIABA is an ECOWAS specialised institution responsible for the fight against money laundering and terrorism financing in West Africa.
GIABA’s Director-General, Justice Kimelabalou Aba, who made the assertion on Tuesday in Lagos, said that the organisation would continue to work with critical stakeholders in the region.
Aba spoke at the opening of a three-day national training workshop on: “Prevention of Cross Border Bulk Cash Smuggling”.
He was represented by GIABA’s Financial Sector Officer, Mr Giwa Sechap.
“The devastating effects of money laundering and terrorism financing on regional socio-economic development and security call for greater commitment and collaboration, particularly among border authorities.
“On our part, we commit to continue to engage with all critical stakeholders in the region.
“We will continue to provide the required technical support to ensure effective implementation of the currency and Bearer Negotiable Instrument (BNI) declaration regime in order to strengthen regional efforts against money laundering and terrorism financing,” he said.
Aba said that the workshop was meant to strengthen the capacities of the participants in monitoring cross-border cash movements.
He said that the workshop would improve capacities of relevant authorities to monitor flow of illicit funds as well as detect and disrupt terrorists’ funds.
He added that it would strength cooperation and collaboration among authorities in effective management of cross-border cash and BNI movements.
Mr Tukur Moddibo, Director and Chief Executive Officer of Nigeria Financial Intelligence Unit (NFIU), said that loopholes in the nation’s enforcement and intelligence systems should be addressed.
Moddibo was represented by Mrs Biola Shotunde, NFIU’s Associate Director of Intelligence and Investigation.
“As the world becomes more connected, with trade, capital and people moving across borders, the importance of putting measures in place to identify, investigate and convict illicit funds and activities have assumed a much greater dimension.”