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Terrorists financing reduced in West Africa in 2018 – ECOWAS

The Inter-Governmental Action against Money Laundering and Terrorists Financing in West Africa (GIABA), 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 (ECOWAS) established in 2000 to combat terrorists financing and fight against money laundering across West Africa.

GIABAs Information Manager in Nigeria, Mr Timothy Melaye, told the News Agency of Nigeria (NAN)on Wednesday in Lagos thatmore countries had compliedwith the recommendations of the Financial Action Task Force (FATF) 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 ground, he said.

Melaye said that 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.

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

And in the course of carrying out our mutual evaluation, we have discovered the compliance of few more countries.

We have discovered that the movement of money across different countries is now increasingly becoming difficult because of the systems in place.

We have even discovered that people now keep large sums of money in their homes because of the strong systems being put in place by the different countries of ECOWAS, he said.

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is a specialised institution of the Economic Community of West African States responsible for facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) in West Africa.

GIABA was established in 2000 and has its headquarters in Dakar, Senegal. It consists of 17 member states.

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